While London, Frankfurt, and Paris face sluggish public listings, the Stockholm Stock Exchange is thriving, leading Europe’s IPO activity in 2025.
So far this year, companies in Sweden’s capital have raised nearly $2 billion — more than eight times London’s total and well ahead of Madrid, Zurich, and Frankfurt, according to FactSet data. Upcoming listings of Verisure and Nordic lender NOBA highlight the trend.
Experts attribute Sweden’s success to its strong “equity culture”, broad domestic capital base, and a supportive regulatory framework built over decades. Roughly 70% of Swedish household wealth is in equities, versus an EU average of 59%, with just 10% held in cash — the lowest in Europe.
The culture dates back to policy moves such as tax-incentivized savings funds in the late 1970s and the 2012 introduction of the Investment Savings Account, which further encouraged equity investing.
Sweden also benefits from a mature IPO ecosystem, including the use of cornerstone investors to de-risk offerings and Nasdaq’s multi-market platform that allows companies to cross-list across the Nordics and Baltics.
With strong participation from retail investors, family offices, and institutional funds, Sweden has built a uniquely resilient pipeline of IPOs, often backed by private equity and venture capital firms.
“Sweden stands out in Europe,” said Nordea’s Kasper Dichow.