Temperature is rising on the Stockholm stock exchange with news of major listings such as the alarm company Verisure and the specialist bank Noba last week.
Primarily in terms of value, the market for stock exchange introductions has been quite strong so far in 2025 compared to the same period in 2024, says Nicklas Fhärm, head of capital market transactions at SEB.
"The Swedish technology wonder"
He believes that we are in the beginning of an upward trend of listings and thinks that Stockholm is keeping up well with the AI trends as well – and that the expression "the Swedish technology wonder" is still valid.
I think we see quite a few, even new, Swedish companies and ideas that are popping up, says Fhärm.
There are many newly started companies that become very large very quickly, he says, comparing it to the much slower build-up phase when the industrial sector was built up.
And if nothing unforeseen happens – which affects the market sentiment – it looks bright, thinks Adam Kostyál.
We see a positive end to the year with strong listings. And we think that 2026 looks promising.
He believes that Klarna could have raised just as much money (about 12 billion kronor) and received the same valuation in Stockholm as the company received in New York (over 140 billion). But he interprets statements from Klarna as that the choice of New York also had to do with the fact that the listing is to be used as a tool to make the company more visible to consumers and traders on the internet in the USA.
Should they want to make a parallel listing here in Stockholm, they are more than welcome to discuss it, says Kostyál.
It is also happening on the stock exchange's First North list. The online pharmacy Meds – with the real estate duo Rutger Arnhult and Ilija Batljan – is on its way to the growth platform with a valuation of around one billion.
Visibility and financing
The Spanish-British software and acquisition company Subgen AI hopes to follow – with a so-called reverse acquisition with the already listed diagnostic company Magnasense.
The process is ongoing. I hope it will be at the end of October, says Subgen AI's CEO Lorenzo Serratosa.
Serratosa expects Subgen AI – which he calls "a vertically integrated AI company" – to be valued at around 200 million euros (about 2.2 billion kronor) in the transaction.
Visibility and financing are cited as the main reasons for the listing. And Stockholm is pointed out as ideal for a company with a lot of software development ahead.
Sweden is the most successful country today in Europe when it comes to software development, says Serratosa.
So far this year, the Stockholm stock exchange has seen a total of twelve stock exchange introductions, spin-offs, and transfers of companies from Spotlight Stock Market's Nordic Growth Market to First North and the main list.
If you count in reverse acquisitions that have brought in new companies to the stock exchange and companies that are moving from First North to the main list, the number is even higher:
January 9: Lea Bank (direct listing First North)
January 23: District Metals (deposit certificate First North)
January 29: Acenta Group (reverse acquisition First North)
January 31: Lucara Diamond (move from the main list to First North)
February 7: Asmodee Group (spin-off)
February 21: Qualisys Holding (stock exchange listing First North)
March 11: Röko (stock exchange listing)
March 27: Asker Healthcare Group (stock exchange listing)
March 28: Vimian Group (move from First North to the main list)
March 28: Brock Milton Capital (First North)
April 28: Inission (move from First North to the main list)
April 29: Sunborn International (reverse acquisition First North)
May 19: Alvotech (deposit certificate)
June 5: Primostar Group (stock exchange listing First North)
June 11: Summa Defence (reverse acquisition First North)
June 13: Enity Holding (stock exchange listing)
June 18: Sveafastigheter (move from First North to the main list)
June 25: Hacksaw (stock exchange introduction)
June 30: Besqab (move from First North to the main list)
June 30: Terranor Group (stock exchange listing First North)
July 9: Cavotec Group (direct listing)
Already now, you can count three known listings in the near future: Meds on Tuesday, Noba on September 26, and Verisure "within a few weeks", according to the company.
But major bank SEB and the Stockholm stock exchange both see a "pipeline" with a large number of companies that are on their way to being listed and are expected to raise the number even higher – both this year and in 2026.
Sources: Nasdaq Stockholm stock exchange, SEB
