The state of Nordic
private equity 2020.

On the main lists, we find two of the largest PE-backed IPOs in 2020:

• The largest PE-backed listing was the Sweden-based investment platform Nordnet, backed by Nordic Capital and valued at €2.5 bn. The company’s objective is to “democratise savings and investments for private savers.”
• Abry Partners-backed Link Mobility, a Norway-based mobile messaging and communication platform as a service, that was valued at €631 million.

The rest of the largest listings are on the smaller marketplaces:

• The Norwegian biotech company Vaccibody was listed on Euronext Growth and valued to €1.6 bn upon listing. The company develops vaccines for clinical use in cancer treatment. In addition, it is also in the preclinical stage of developing a second-generation covid-19 vaccine.
• Stockholm-based Calliditas Therapeutics, backed by Investinor and Industrifonden, was listed on Nasdaq Global Select Market at a €398 million valuation. Calliditas is a leading specialty pharmaceutical company in the kidney disease area.
• HusCompagniet was the largest of four Danish companies with PE-ownership that got listed in 2020, valued at €314 million. HusCompagniet is a market leader in the single-family brick-house market in Denmark and Sweden.
• Only one Finnish company is on the list: EQT-backed Musti Ja Mirri, a leading pet specialty retailer in the Nordic region, was listed on Nasdaq OMX Helsinki at a €293 million valuation.