Has Finland’s IPO activity stalled for good or set for a comeback?

According to a recent survey by the Finnish Venture Capital Association (FVCA), up to 57 private equity and venture capital -backed companies have the potential to go public within the next five years. A notable aspect this year is that 21 entirely new potential IPO candidates have emerged. At the same time, the number of IPOs in Finland has significantly declined compared to previous years. The IPO market remains challenging, but interest in going public is on the rise.

In recent years, Finland has seen a much lower number of IPOs compared to the peak years of 2021–2022. However, in the broader Nordic region, there are already signs of a market revival—particularly in Sweden and Norway.

The FVCA survey highlights that 57 private equity and venture capital -backed companies could go public in the next five years. Among them, 21 are new additions to the list, compared to just nine in the previous year. The survey results indicate that Finnish companies remain interested in IPOs, but economic uncertainty and financial market fluctuations are causing delays. Many companies prefer to wait for market stabilization before making the move.

“IPO activity is dependent on economic conditions, which has led to fewer listings both in Finland and globally since 2021. The most recent IPO in Finland was held in December 2022, after which there have been technical listings, partial demergers, and transfers from the Nasdaq First North Growth Market to the Main Market. Listings have also been scarce in other Nordic countries. However, as market outlook strengthens, several companies are now considering going public, and there has been the first IPOs in the Nordic countries. In Finland, a few companies have also announced their intentions to go public,” said Henrik Husman, President of Nasdaq Helsinki.

Uncertainty, geopolitical risks, high financing costs, and low market valuations have slowed down IPO activity, according to the survey. However, a few successful IPOs could encourage more companies to proceed with their listing plans.

Private equity and venture capital investors that participated in the survey predict that the IPO window will gradually start to open in the second half of 2025, with a more significant revival expected in 2026. Profitable growth and a strong business model are now more critical criteria than before, as investors are interested in more stable companies.

“A growing economy needs a growing stock market. An IPO is an excellent exit strategy, and successful listings tend to inspire others. Once the bottleneck opens, we are likely to see multiple attractive IPO candidates emerge at the same time”, says Riku Asikainen, Chairman of the FVCA.

The typical IPO candidate comes from Helsinki

The profile of a potential IPO candidate remains similar to previous years—a Helsinki-based company providing B2B services. But what does this tell us?

Of the 57 potential IPO candidates listed in the survey, 24 are headquartered in Helsinki. The city offers an extensive network of businesses, investors, and experts, creating an ideal environment for scalable B2B services. Investors are increasingly interested in B2B service companies due to their predictable revenue streams, strong digitalization, and scalable business models. Particularly, enterprise software, consulting services, and technology solutions are among the industries where these companies aim for an IPO.

However, potential IPO candidates are not limited to the capital region. Nearly half of the listed companies are headquartered outside the Helsinki metropolitan area. Oulu ranks third with four potential IPO candidates, right after Espoo and Vantaa, which share the second place. The unexpected name on the list is Kempele, located near Oulu, which secures a shared fifth place with Turku, right after Tampere. Kempele brings two potential IPO candidates to the list from the services and industrial sectors.

“It’s great to see potential IPO candidates emerging more broadly across Finland. Naturally, Helsinki remains well represented, but the rise of other growth hubs is also encouraging. Even a single successful IPO can send a strong signal, inspiring the entire regional business ecosystem and attracting new talent, investments, and collaboration opportunities. This truly supports the idea of ‘Growing Finland as a whole’ and fosters sustainable growth nationwide,” says Anne Horttanainen, CEO of FVCA.

Download the list of potential IPO candidates here (PDF).

The Finnish Venture Capital Association annually publishes a list of Finnish private equity and venture capital investors’ portfolio companies with the potential to go public. The list has been compiled through a survey of Finnish private equity and venture capital investors since 2016, aiming to highlight unlisted companies that investors see as potential candidates for an IPO. The final decision to go public is always influenced by multiple factors.

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Additional information:

Anne Horttanainen
Finnish Venture Capital Association, Managing Director
anne.horttanainen@fvca.fi
+358 40 510 4907

Henrik Husman
Nasdaq Helsinki, President
henrik.husman@nasdaq.com
+358 (0) 9 6166 7208

Riku Asikainen
Finnish Venture Capital Association, Chair of Board
riku.asikainen@evli.fi
+358 50 2880