Finnish IPO market waking up – but listing requires the right moment

The Finnish IPO market seems to be waking up after a long period of quiet, but listing is not yet within reach for all growth companies. According to a recent survey by the Finnish Venture Capital Association, 49 companies with a private equity and venture capital background are seen as having the potential to go public within the next five years. However, actual listings will be decided on a market basis – based on valuations, profitability, and economic development.

According to a recent survey by the Finnish Venture Capital Association, 49 companies with private equity and venture capital backgrounds are seen as having the potential to go public within the next five years. The recent positive momentum on the stock market and successful new listings in 2025 have boosted confidence in the market. For example, Framery, which was listed on the stock exchange in the fall, had been among the potential listing candidates for several years.

“2025 was a strong year for IPOs both globally and in the Nordic countries. In Finland, activity was boosted by five IPOs, the most notable of which were Framery, GRK Infra, and Posti Group listings on Nasdaq Helsinki. They strengthened the Helsinki Stock Exchange’s position as the home of major companies and increased investor interest in the domestic market. The number of registrations by companies getting ready to go public in the United States has increased, and Nasdaq’s IPO Pulse indexes in the United States and Sweden predict that listing activity will remain strong in the future. The outlook for Finland remains positive. If geopolitical tensions and concerns about global economic development ease and market conditions improve, listings are expected to increase significantly here as well. The year 2025 showed that the Helsinki Stock Exchange is once again an attractive growth platform for companies, and we expect activity to continue,” says Henrik Husman, President of Nasdaq Helsinki.

At the same time, the survey shows that the IPO window is not open to everyone. Slow growth in the domestic economy and sluggish recovery in consumer demand continue to act as a brake on some planned IPOs, even though the stock market has picked up. Based on the survey, the profitability outlook and valuation levels of companies play a decisive role, especially in the case of technology companies.

Stable growth is emphasized among potential listing candidates

Most of the potential listing candidates in the survey offer services to businesses, and the majority of the companies on the list are located in Helsinki. The companies already have an established position in their industry and international presence or potential for it, and they are able to scale up and take advantage of the transformation in their industry.

Respondents to the survey consider companies of this type to be potential listing candidates over the next five years, as their business operations are predictable and their growth is stable. Faster and riskier growth stories will have to wait for a better market window for the time being. Of this year’s 49 potential listing candidates, 38 have been on the list for several years and may soon be ready for listing.

“Companies with a private equity and venture capital background have been working long-term to become eligible for going public. Many companies have long met the requirements for listing but have been waiting for a market that supports both the company’s growth and the exit of its owners. The upturn in the market is encouraging in this sense, although a functioning stock market and recovery in the real economy remain decisive factors,” says Anne Horttanainen, Managing Director of the Finnish Venture Capital Association.

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

The Finnish Venture Capital Association publishes an annual list of private equity and venture capital investors’ target companies that have the potential to be listed on the stock exchange. The list has been compiled since 2016 based on a survey conducted among Finnish private equity and venture capital investors, and its purpose is to highlight unlisted companies that the investors see as potential candidates for listing on the stock exchange. The final decision to list is always based on a number of 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