14. PE-backed IPOs: Nordic PE a major force in Europe
2021 was a record-breaking year for PE-backed IPOs in the Nordics. Going forward, GPs we have talked to expect a pause in the IPO activity.
In total, 56 PE-backed IPOs were performed in the Nordics in 2021. Compared to the average number in the last five years, there was a 257 % growth in the IPO activity.
"Nordic private equity was a major force in the European IPO market in 2021. They made up one-third of all Nordic listings, and a stunning 12 % of all European listings during the year," says Joachim Høegh-Krohn, CEO at Argentum.
Broken down by marketplace, some marketplaces stand out (see complete list below):
- 29 PE-backed Nordic companies were listed on Nasdaq First North. Over 80 % of all alternative market listings were done here.
- Nine companies, or almost half of all main market listings, were listed on Nasdaq Stockholm.
- A combined eight companies were listed on the Norway-based Oslo Stock Exchange and Euronext Growth.
Largest listings during the year
Among the largest PE-backed IPOs in 2021 we find the following companies:
- The Norwegian-based robotics company Autostore, backed by EQT and THL Partners and valued at €10.6 bn, was the largest. The offering value of €2.1 bn made it the fifth largest European IPO of 2021, and the second most valuable IPO in Norway of all time.
- Oat drink producer Oatly were listed on Nasdaq Global Market. The company is backed by Orkila Capital, Oyster Bay and Blackstone. The IPO was valued at €8.2 bn.
- The Danish ICT-company Truecaller was listed on Nasdaq OMX Stockholm and was valued at €1.9 bn upon listing. The company is the leading global caller ID and call blocking app, backed by Sequoia Capital, Open Ocean Capital, Kleiner Perkins Caufield & Buyers and Atomico Ventures.
- Swedish biotech company Olink Proteomics was listed on Nasdaq Global market, valued at €1.7 bn in March. The company is backed by Summa Equity. Olink Proteomics provides a platform of products and services which are deployed across major biopharmaceutical companies and leading clinical and academic institutions.
- The cleantech company OX2 was listed on Nasdaq OMX First North. The company is backed by Altor Equity partners and was valued at €1.6 bn.
- Swedish online property marketplace Hemnet was listed on Nasdaq OMX Stockholm in April. The company, backed by General Atlantic and Sprints Capital was valued at €1.1 bn upon listing.
- Online review site Trustpilot was successfully listed on London Stock Exchange in March. The company was valued at €1.1 bn and backed by several fund managers, including Index Ventures, Northzone Ventures, Draper Esprit, Vitruvian Partners and Seed Capital Denmark.
Private equity-sponsored listings in 2021
Company name | Home country | Sector | Phase | Fund manager | Stock exchange | Market cap (mEUR) | Quarter |
---|---|---|---|---|---|---|---|
Acast | Sweden | ICT | VC | EVLI Growth Partners | NASDAQ OMX First North | 531 | Q2 |
Administer | Finland | Consumer | BO | Bocap | First North | 14 | Q4 |
AutoStore | Norway | Industrials | BO | Thomas H. Lee Partners, EQT Partners | Oslo Stock Exchange | 10648 | Q4 |
Betolar | Finland | Industrials | VC | Voima Ventures | NASDAQ OMX First North | 70 | Q4 |
Biosergen | Norway | Health Care & Life Science | VC | Karolinska Development, Rosetta Capital, SINTEF | NASDAQ OMX First North | 23 | Q2 |
Brain+ | Denmark | ICT | VC | Seed Capital Denmark, North-East Venture | NASDAQ OMX First North | 5 | Q4 |
Cint | Sweden | ICT | BO | Nordic Capital | NASDAQ OMX Stockholm | 976 | Q1 |
Desenio | Sweden | ICT | VC | Verdane Capital | NASDAQ OMX First North | 1092 | Q1 |
Digital Workforce | Finland | Health Care & Life Science | VC | CapMan Capital Management, Lifeline Ventures | NASDAQ OMX First North | 73 | Q4 |
dLaboratory | Sweden | ICT | VC | Almi Invest | NASDAQ OMX First North | 8 | Q2 |
Donkey Republic | Denmark | Consumer | VC | Vækstfonden, Spintop Ventures, Howzat Partners | NASDAQ OMX First North | 17 | Q2 |
Duell Bike-Center | Finland | Consumer | BO. | Sponsor Capital, Goldman Sachs Capital Partners | NASDAQ OMX First North | 131 | Q4 |
EcoOnline | Norway | Industrials | BO | Summa Equity | Oslo Axess | 403 | Q1 |
Elopak | Norway | Industrials | BO. | Ferd Capital | Oslo Stock Exchange | 738 | Q2 |
Fractal Design | Sweden | ICT | BO | Litorina Capital Management | NASDAQ OMX First North | 118 | Q1 |
Green Hydrogen Systems | Denmark | Industrials | VC. | Nordic Alpha Partners | NASDAQ OMX Copenhagen | 403 | Q2 |
Hemnet | Sweden | ICT | BO | General Atlantic, Sprints Capital | NASDAQ OMX Stockholm | 1148 | Q2 |
Intellego Technologies | Sweden | ICT | VC | Almi Invest | NASDAQ OMX First North | 12 | Q2 |
IO Biotech | Denmark | Health Care & Life Science | VC. | Vivo Capital, Sunstone Capital, Soleus Capital, Samsara BioCapital, RA Capital, Kurma Life Sciences, Idinvest Partners, Eir Ventures, Avoro Capital | Nasdaq Global Market | 378 | Q4 |
Kjell & Company | Sweden | Consumer | BO | FSN Capital Partners | NASDAQ OMX First North | 169 | Q3 |
Lamor | Finland | Energy | BO | TESI (PKA Finnish Industry Investment) | NASDAQ OMX First North | 98 | Q4 |
Linas Matkasse | Sweden | Consumer | BO. | Herkules Capital | NASDAQ OMX First North | 74 | Q1 |
Linkfire | Denmark | ICT | VC | Northcap Partners | NASDAQ OMX First North | 50 | Q2 |
Lipigon Pharmaceuticals | Sweden | Health Care & Life Science | VC | Partnerinvest Norr | NASDAQ OMX First North | 5 | Q1 |
LipUm | Sweden | Health Care & Life Science | VC | Almi Invest | NASDAQ OMX First North | 7 | Q2 |
Lytix Biopharma | Norway | Health Care & Life Science | VC | Norinnova Forvaltning, Pronord | Oslo Axess | 47 | Q2 |
Mapspeople | Denmark | ICT | VC | Vækstfonden | NASDAQ OMX First North | 43 | Q2 |
Maven Wireless | Sweden | ICT | VC | Almi Invest | NASDAQ OMX First North | 60 | Q2 |
Merus Power Dynamics | Finland | Cleantech | VC | Inventure, VNT Management | NASDAQ OMX First North | 30 | Q2 |
Modus Therapeutics | Sweden | Health Care & Life Science | VC | Rosetta Capital, Karolinska Development, HealthCap Venture Capital | NASDAQ OMX First North | 7 | Q3 |
Netel | Sweden | ICT | BO | IK Investment Partners | NASDAQ OMX Stockholm | 204 | Q4 |
Nilar International | Sweden | Cleantech | BO | Fjord Capital Partners | NASDAQ OMX First North | 226 | Q2 |
Norva 24 | Norway | Industrials | BO | Valedo Partners | NASDAQ OMX Stockholm | 124 | Q4 |
Oatly | Sweden | Consumer | VC | Orkila Capital, Oyster Bay, Blackstone | NASDAQ | 8195 | Q2 |
Olink Proteomics | Sweden | Health Care & Life Science | BO | Summa Equity | Nasdaq Global Market | 1698 | Q1 |
Orderyoyo | Denmark | ICT | VC | Seed Capital Denmark, Vækstfonden | NASDAQ OMX Copenhagen | 91 | Q3 |
Orthex | Finland | Consumer | BO | Sponsor Capital | NASDAQ OMX Helsinki | 121 | Q1 |
Otovo | Norway | Cleantech | VC | Agder Energi Ventures, Nysnø Klimainvesteringer | Oslo Axess | 231 | Q1 |
OX2 | Sweden | Cleantech | BO | Altor Equity Partners | NASDAQ OMX First North | 1620 | Q2 |
Pagero | Sweden | ICT | BO | Summa Equity | NASDAQ OMX First North | 371 | Q4 |
Permascand | Sweden | Industrials | BO | Norvestor Equity | NASDAQ OMX First North | 200 | Q2 |
Pierce | Sweden | Consumer | BO | Procuritas Partners | NASDAQ OMX Stockholm | 249 | Q1 |
Questback | Norway | ICT | BO | Reiten & Co Capital Partners | Oslo Axess | 23 | Q3 |
Re-Match | Denmark | Industrials | VC. | Nordic Alpha Partners | NASDAQ OMX First North | 35 | Q4 |
RevolutionRace | Sweden | Consumer | BO | Altor Equity Partners | NASDAQ OMX Stockholm | 837 | Q2 |
RugVista (PKA CarpetVista) | Sweden | Consumer | BO | Litorina Capital Management | NASDAQ OMX First North | 247 | Q1 |
Ryds Bilglas | Sweden | Consumer | BO | Nordic Capital | NASDAQ OMX Stockholm | 907 | Q3 |
SignUp Software | Sweden | ICT | VC | Standout Capital | NASDAQ OMX First North | 157 | Q4 |
Sitowise | Finland | Industrials | BO | Intera Equity Partners | NASDAQ OMX Helsinki | 288 | Q1 |
Smartcraft | Norway | ICT | BO | Valedo Partners | Oslo Stock Exchange | 295 | Q2 |
Spinnova | Finland | Consumer | VC | Maki.vc | NASDAQ OMX First North | 275 | Q2 |
Synsam Nordic | Sweden | Health Care & Life Science | BO | CVC Capital Partners | NASDAQ OMX Stockholm | 755 | Q4 |
Trifork Technologies | Denmark | ICT | BO | GRO Capital | NASDAQ OMX Copenhagen | 398 | Q2 |
Truecaller | Sweden | ICT | VC | Sequoia Capital, Open Ocean Capital, Kleiner Perkins Caufield & Buyers, Atomico Ventures | NASDAQ OMX Stockholm | 1919 | Q4 |
Trustpilot | Denmark | ICT | VC | Index Ventures, Northzone Ventures, Draper Esprit, Vitruvian Partners, Seed Capital Denmark | London Stock Exchange | 1103 | Q1 |
Western Bulk Chartering | Norway | Other | BO | Kistefos Group | Oslo Axess | 86 | Q3 |
Expecting a pause in IPO activity
In addition to being one of the largest venture investment rounds in 2021, IO Biotech was listed on Nasdaq in the start of November last year, at a market cap of 378 million euros. Among the exiting investors were Eir Ventures, a new Nordic life science fund.
"In 2021, there was a global boom in biotech companies that went public, but the outlook is darker now. Since the companies got listed, the share value has fallen drastically for most of them, and some are trading 50 % below their IPO price. This will lead to a pause in IPOs, I believe, to adjust people's expectations. The war in Ukraine has strengthened this notion. In short, we are in a period of transition in the markets, which might last for a couple of years," says Stephan Christgau, founding partner at Eir Ventures.
In the ICT sector, the outlook is not so gloomy, according to Lars Dybkjær of Denmark-based GRO Capital. They were invested in Trifork Technologies that was listed on Nasdaq OMX Copenhagen in Q2.
"If the companies are ready, like Trifork was, there is high demand and little supply for tech companies. As the CEO of Microsoft, Satya Nadella, says: The IT spend as percentage of GDP will double in the next seven years", he says.