Just over a week after unveiling its listing plans, Finnish investment company KPY has launched its First North Helsinki IPO.

The subscription period opened on June 1 and is expected to run until June 9 for retail and employee investors, according to KPY’s website. Trading is scheduled to begin on June 12, assuming the offering proceeds as planned.

Listeds reported on KPY's listing ambitions in May, when the company outlined plans to use IPO proceeds to fund expansion across its investment operations. The offering consists entirely of newly issued shares priced at €5.10 each.

The listing marks the latest chapter in a transformation that has reshaped KPY from a regional telecommunications cooperative into a diversified investment company. Founded in 1883, the organization today counts around 19,000 owners and manages investments across infrastructure, private equity, and balance sheet holdings. Its largest asset is Novapolis, the Kuopio-based business campus operator.

KPY reported 2025 revenue of €167.4 million and operating profit of €14.8 million. Net asset value stood at €246.3 million, or €9.65 per share, according to the company's listing materials. The offer price, therefore, represents a notable discount to the reported net asset value.

Chief Executive Officer Anssi Lehikoinen described KPY as "an active owner" seeking to build growth through its three investment portfolios. Management has previously argued that a public listing would improve access to capital, broaden the shareholder base, and strengthen the company's profile among investment partners and acquisition targets.

KPY's IPO also adds to a growing group of Finnish listed investment companies. Following Auroora Group's market debut earlier this year, investors are once again being asked whether they see value in backing long-term owners rather than traditional operating businesses. The answer should become clearer over the next nine days.