Two Finnish defense technology companies are quietly exploring stock market listings in Helsinki, underscoring how Europe’s shifting security priorities are reshaping both industry and capital markets.
Savox Communications and Varjo Technologies have begun early discussions with investors about potential initial public offerings, Bloomberg reported yesterday, citing people familiar with the matter.
Savox, which produces communication systems for defense and emergency services, is reportedly considering a listing that could raise around €100 million. Varjo, known for its advanced virtual reality headsets used in military training, may pursue a smaller offering.
Kauppalehti disclosed more financial details of the startups. Varjo remains in a growth phase, with revenue of €19.5 million in 2024 and an operating loss of €12.3 million, employing 192 people. Savox, by contrast, appears more established, generating €52.1 million in revenue and €5.9 million in operating profit with a workforce of 278.
Defense has been surging in Helsinki this year. For example, Bittium has almost quintupled its share price in the past 12 months. The secure communications company reported 2025 net sales growth of 40 percent to €119.3 million, driven largely by its defense and security segment.
Neither Savox nor Varjo is committing yet. “As a growing company, we regularly assess possible transactions that could support our growth,” Varjo CEO Timo Toikkanen said to Bloomberg. “An IPO at some point in the future could be possible to support the realization of our strategy.”
For Helsinki, potential listings would broaden a market often dominated by industrial exporters, while highlighting growing investor interest in defense technology.
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