Reaktor's IPO attracted far more demand than available shares, prompting the company to close its public offering early. According to Kauppalehti, the retail tranche was multiple times oversubscribed, underscoring investor appetite for one of Finland's most closely watched technology listings in recent years.

The response validates a story Reaktor began telling when it unveiled its listing plans in May. As Listeds reported at the time, the company is positioning itself as more than a traditional IT consultancy, highlighting growth opportunities in AI, defense software, and international expansion. The IPO is expected to raise roughly €20 million in new capital to support those ambitions.

Investor demand was helped by strong institutional backing. Anchor investors including Ilmarinen, Mariatorp, the Herlin family's investment company, WIP Asset Management, and funds managed by Danske Bank, Aktia, and SP committed around €45 million before the offering closed.

The IPO is also creating a new group of Reaktor millionaires. Existing shareholders are selling shares worth a combined €34.6 million, according to Kauppalehti. Among the biggest beneficiaries are founders and major shareholders including Hannu Terävä. Chief Executive Pekka Horo is selling less than €1 million worth of shares but will retain shares valued at more than €2.5 million. Most founders will remain significant shareholders after the listing.

At €8.25 per share, Reaktor will debut with a market value of roughly €210 million. Kauppalehti Analyst Veera Saarelainen noted that the valuation implies a historical P/E ratio of around 21, above the peer average of 14, meaning investors are betting that the company's recent acceleration can continue.

That bet is not without support. First-quarter revenue rose 31% year over year to €39.1 million, while adjusted operating profit increased nearly fivefold to €10.4 million from €2.2 million. For a company valued above many listed peers on historical earnings, those figures help explain why investors were willing to overlook the premium.

The founders are taking some money off the table. Investors, meanwhile, are putting fresh capital to work and betting the company's strongest years are still ahead.

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Business

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Reaktor's IPO attracted far more demand than available shares, prompting the company to close its public offering early. According to Kauppalehti, the retail tranche was multiple times oversubscribed, underscoring investor appetite for one of Finland's most closely watched technology listings in recent years.

The response validates a story Reaktor began telling when it unveiled its listing plans in May. As Listeds reported at the time, the company is positioning itself as more than a traditional IT consultancy, highlighting growth opportunities in AI, defense software, and international expansion. The IPO is expected to raise roughly €20 million in new capital to support those ambitions.

Investor demand was helped by strong institutional backing. Anchor investors including Ilmarinen, Mariatorp, the Herlin family's investment company, WIP Asset Management, and funds managed by Danske Bank, Aktia, and SP committed around €45 million before the offering closed.

The IPO is also creating a new group of Reaktor millionaires. Existing shareholders are selling shares worth a combined €34.6 million, according to Kauppalehti. Among the biggest beneficiaries are founders and major shareholders including Hannu Terävä. Chief Executive Pekka Horo is selling less than €1 million worth of shares but will retain shares valued at more than €2.5 million. Most founders will remain significant shareholders after the listing.

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At €8.25 per share, Reaktor will debut with a market value of roughly €210 million. Kauppalehti Analyst Veera Saarelainen noted that the valuation implies a historical P/E ratio of around 21, above the peer average of 14, meaning investors are betting that the company's recent acceleration can continue.

That bet is not without support. First-quarter revenue rose 31% year over year to €39.1 million, while adjusted operating profit increased nearly fivefold to €10.4 million from €2.2 million. For a company valued above many listed peers on historical earnings, those figures help explain why investors were willing to overlook the premium.

The founders are taking some money off the table. Investors, meanwhile, are putting fresh capital to work and betting the company's strongest years are still ahead.

Nordic Listed Leaders Board Programme

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Harvard cases, coaching and open dialogue with people who sit on and work with boards of Finnish publicly listed companies.

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Topics

# Topics

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

Authors

Journalist

Emmi Laine is head of business content at Listeds and our lead for finance and business coverage. She sets the editorial agenda, interviews Nordic business leaders, and writes stories, newsletters, and social content on timely market and corporate topics. Emmi brings nearly eight years of experience from Shanghai's Yicai Global / Yicai Media Group, where she was awarded for reporting on China’s economy, finance sector, and technology innovation. She holds an MSc in Innovation and Entrepreneurship from ESADE Business School in Barcelona and a Master’s degree in International Design Business Management from Aalto University. She also holds a Bachelor’s degree in Culture Studies with a major in Journalism from Stockholm University and has studied Mandarin Chinese and Chinese culture. Emmi is a Finnish citizen and has lived in Finland, Sweden, China, and Portugal.

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