Nordic IPO Watch 2024

The Nordic IPO markets enter 2025 with cautious optimism

Economic improvements, such as normalisation of inflation and interest rate cuts, are expected to enhance market stability, potentially boosting activity in the Nordic IPO markets. However, ongoing geopolitical tensions and potential global economic slowdowns remain important considerations for investors.

— We look forward to a promising year for Nordic IPOs, being prepared to act swiftly when opportunities emerge remains essential, says director at PwC, Vidar Stjern Nordtømme.

36

There were 36 IPOs and direct listings in the Nordic countries in 2024, of which 11 were in Norway.

€1,572.9

Total proceeds of €1,572.9 million in connection with 23 IPOs and direct listings, an increase from €901.3 million in 2023.

€310.8

In Norway, the energy sector dominated, with proceeds related to Ventura Offshore Holding Ltd., Paratus Energy Services Ltd. and Moreld AS amounting to €310.8 million.

Sweden and Norway dominates with capital-intensive sectors

Sweden continues to be the Nordic country with the highest activity both in terms of number of IPO-related transactions and proceeds, with more than twice as many completed IPOs in 2024 compared to 2023. The real estate sector dominated, accounting for two of the three largest IPOs and direct listings in terms of proceeds.

Norway had the second highest activity in the Nordic capital markets. In Norway, capital-intensive sectors were most prominent and the majority of the proceeds in 2024 came from the energy sector, followed by real estate.

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IPO Watch 2024 (PDF of 1.54mb)

Outlook for the Nordic IPO Markets in 2025

As we enter into 2025, there is a cautious optimism surrounding the Nordic IPO markets. Stabilising inflation and interest rate reductions across the US, Europe, and the Nordic countries in the latter half of 2024, together with steady GDP growth across the Nordic region, all expected to create a more favourable investment climate, potentially fueling increased IPO activity. An accumulation of mature private equity portfolios continues to contribute to a robust pipeline of potential IPO candidates, with private equity firms expected to pursue exits more actively as market conditions improve. Whilst these factors suggest a promising development in the Nordic IPO markets for 2025, geopolitical tensions alongside fears of a slowdown in the global economy remain a concern.