The Busy IPO Year Continues – New Industries Present in This Year’s List of Potential Listing Candidates from Finnish Private Equity Investors’ Portfolios

Private equity and venture capital investors (‘PE investors’) have invested a total of €5.7 billion in Finnish startups and growth companies over the past five years (2016-2020). Some of these unlisted companies – after a period of growth together with the PE investor – are eventually listed on the stock exchange. In recent years, about half of the new companies listed on the Helsinki Stock Exchange have been private-equity-backed. New IPOs are also in the horizon – Finnish PE investors have again highlighted 40 portfolio companies that have the potential to be listed over the next five years.

About half of the companies listed on the Helsinki Stock Exchange between 2015–2021 have been private-equity-backed. In 2020, PE investors exited a total of 32 growth companies and 32 startups in Finland. Of these companies, Musti Group was listed on Nasdaq Helsinki.

The first half of 2021 has seen much more IPO activity by PE investors than previous years. As many as 75% of the new companies listed on Nasdaq Helsinki in 2021 so far have been PE-backed. Of the new Nasdaq Helsinki Main Market IPOs, Kreate Group and Sitowise have been listed by Intera Partners and Orthex by Sponsor Capital. In addition, Merus Power, listed on First North Growth Market Finland, has been funded by VNT Management and Inventure.

Several companies have also recently announced their intention to float. Of the companies with plans to go public, Spinnova has been backed by, while Puuilo is being listed by the international PE investor Adelis Equity Partners and has previously been developed by the Finnish investor Sentica Partners.

Potential IPOs from PE Investors’ Portfolios – 18 New Companies on This Year’s List

Through a survey to its member investors Finnish Venture Capital Association (FVCA) annually compiles a list of companies with the potential to go public. This year, 40 startups and growth companies with the potential to be listed in the next five years have been highlighted from PE investors’ portfolios. Of the companies, 12 are startups owned by venture capital investors and 28 are growth companies owned by buyout and growth investors.

There are 18 new companies on this year’s list, which have not been mentioned on previous years’ lists. In addition to traditional industries, the startups and growth companies on the list also include smaller technology companies. Health technology companies, for example, are well represented.

“This year, in addition to traditional industries, we will see IPOs from smaller tech companies and new industries. PE investors have long been interested in, for example, health technology and materials technology. We may see the next interesting IPOs coming from these sectors,” comments Pia Santavirta, Managing Director of the FVCA.

PE investors are always temporary owners whose goal is to increase the value of their portfolio companies over a certain growth phase. Exiting the portfolio company within about 3 to 7 years is always a part of a successful private equity investment. Exit methods include, for instance, selling the portfolio company to an industrial buyer or another private equity investor, or listing it on the stock exchange.

“When we become a majority owner of a growth company, we make sure that during our ownership period, the company grows to meet listing requirements. Going public is often an interesting exit option, and we have been owners in three growth companies listed this year: Kreate, Sitowise and previously also in Orthex. We will be happy to continue to bring new companies to the stock exchange,” says Juhana Kallio, FVCA’s Vice Chair of the Board from Intera Partners.

“More than half of the investments received by Finnish startups and growth companies come from foreign private equity investors. We expect foreign investors to also bring new companies to the Helsinki Stock Exchange. Domestic and foreign private equity investors have a significant role to play in growing companies towards the Stock Exchange,” comments Santavirta.

“The Finnish financial ecosystem has improved what comes to advancing listings. This year is going to be a record year what comes to the number of listings; the previous record was 14 listings in 2018. As of it now seems, the same number will be exceeded by the end of this month. We are pleased with the work the venture capital and private equity investors do in developing new companies ready for the public markets in Finland,” says Henrik Husman, President of Nasdaq Helsinki.

Potential IPO candidates (the investor that named the company in brackets):
  1. Accountor (Sponsor Capital)
  2. Aico Group Oy (Juuri Partners)
  3. ARNON OY (Pikespo)
  4. Attido (Juuri Partners)
  5. BCB Medical (Innovestor)
  6. Bioretec (Innovestor)
  7. Black Donuts Engineering (BOA Capital)
  8. Brinter (Innovestor)
  9. Citec Group (Sentica Partners)
  10. DEN Group (CapMan)
  11. Forenom Group Oy (CapMan)
  12. Fortaco Group (CapMan)
  13. Framery (Vaaka Partners)
  14. Gigglebug Entertainment Oy (
  15. Havator Group (CapMan)
  16. Indoor Group (Sievi Capital)
  17. Kiinteistömaailma (BOA Capital)
  18. Klevu (Evli Growth Partners)
  19. Likeit Nepton Group (Sponsor Capital)
  20. M-Brain (Innovestor)
  21. Midagon Oy (Intera Partners)
  22. Multitaction (Innovestor)
  23. Myllyn Paras (Sponsor Capital)
  24. Naava Group Oy (Butterfly VC)
  25. Nordic Beauty Import (BOA Capital)
  26. Nordic Lights (Sponsor Capital)
  27. Nordic Rescue Group (Sievi Capital)
  28. Pharmia Oy (CapMan)
  29. Primex Pharmaceuticals (Innovestor)
  30. Raksystems (MB Rahastot)
  31. Renta Group Oy (Intera Partners)
  32. Roima Intelligence Oy (Intera Partners)
  33. Ruokaboksi (Innovestor)
  34. Secto (Sentica)
  35. Staria Oyj (Vaaka Partners)
  36. Tenboron (Innovestor)
  37. TylöHelo Group Oy (Nordic Mezzanine)
  38. (SPL Company Oy) (Juuri Partners)
  39. Vesivek (Sentica)
  40. PHM Group (Norvestor)

You can find the media set here

More information:

Finnish Venture Capital Association
Managing Director Pia Santavirta
+358 40 546 7749

Nasdaq Helsinki
President Henrik Husman
+358 9 6166 7208

FVCA is the industry body and public policy advocate for the venture capital and private equity industry in Finland. As the voice of the Finnish VC and PE community and the entrepreneurs they fund, it is our role to demonstrate the positive impact of the industry on the Finnish economy. 

FVCA – Building growth.

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