Finnish investment titan KPY is preparing for a listing on Nasdaq First North Finland, a move that would give the over 140-year old company broader access to capital markets as it expands its investment operations.
The planned IPO would consist entirely of newly issued shares, with no existing shareholders selling stock in the offering. Proceeds are earmarked for anchor investments in funds, development projects within existing holdings, expansion of fund operations, and working capital. Danske Bank is acting as lead adviser.
KPY traces its roots back to 1883 and today has around 19,000 owners, reflecting its history as a regional telecommunications cooperative. Over the past decade, it has reshaped itself into a diversified investment company with three focus areas: infrastructure, private equity, and balance sheet investments. Its largest asset is Novapolis, a business campus-operator based in Kuopio.
The company reported 2025 revenue of €167.4 million and EBITDA of €22.4 million. Net asset value stood at €245.1 million at the end of March 2026, equivalent to €9.61 per share.
Chairman Juha Yrjänheikki said the listing has been a long term objective, particularly to improve liquidity for existing owners and broaden the shareholder base. Management also sees the public listing as a way to strengthen KPY’s profile among potential investment targets and partners.
KPY’s plans also follow a recent wave of Finnish investment company listings. Earlier this year, serial acquirer Auroora Group completed its IPO on Nasdaq Helsinki, highlighting continued market appetite for domestic long term ownership and private market investment stories.
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