Feb 17, 2026
Finland’s IPO market is seeing a modest recovery. Some 49 venture capital-backed companies could list on the stock exchange within the next five years, slightly more than during the previous observation period, according to a new report by the Finnish Venture Capital Association.
The latest report, published today, shows a slight increase after the 2024 outlook listed 47 potential listings through 2028. The new report notes that 38 of the 49 companies have been on the list for several years, suggesting a maturing cohort waiting for the right window.
The group of potential IPOs in Finland between 2026 and 2030. Source: the FVCA.
Last year marked slow but stable listing activity in Finland with five new IPOS, including those of GRK Infra, Posti Group, and Framery Group. Activity has declined from the record-breaking year of 2021, with 29 listings.
Based on the revenue breakdown shown in the latest FVCA report, 14 percent of the potential IPO candidates generate more than 100 million euros in annual revenue, while 31 percent fall in the 50 to 100 million euro range.
Among the largest are A Insinöörit, a construction and real estate engineering consultancy with revenue above 100 million euros, and Fresh Servant, a market leader in consumer-packaged salads, also above 100 million euros. Silmäasema, a nationwide eye care and medical technology provider with revenue above 100 million euros, is likewise on the list.
Services dominate. The sector chart shows 16 companies in business services, making it the largest category, followed by real estate and construction, and consumer services. Companies such as Ropo, which provides invoice lifecycle services with revenue above 100 million euros, and Cadmatic, an industrial design software company with 25 to 50 million euros in revenue, illustrate the breadth.
“2025 showed that Nasdaq Helsinki is once again an attractive growth platform for companies, and we expect momentum to continue,” Henrik Husman, CEO of Nasdaq Helsinki, said in the association’s press release. He added that if geopolitical tensions ease and market conditions improve, IPO activity is expected to broaden in Helsinki.
The association stresses that actual IPOs will depend on valuations, profitability, and economic development.
