The anchor investors are Elo, Ilmarinen, Varma and funds managed by OP Fund Management . The offering will include a public offering in Finland and an institutional offering in Finland and internationally, including in the US. The majority shareholder, Haave Oy, and some other shareholders will also sell existing shares.
A 60.8% operating margin carries the valuation
Sensofusion's revenue rose almost 90% in 2025 to €35 million, with profit of more than €23 million. In the first half of 2026, revenue grew another 122%. In the 12 months to the end of June 2026, the operating margin was 60.8%. Revenue grew at an average annual rate of 91.1% between the 2024 financial year and that 12-month period. Earlier this decade, annual revenue was around €700,000.
The company's main product, Airfence, detects hostile drones and can disable them by radio jamming. Customers include Ukraine, NASA, the Finnish Defence Forces and the Finnish Border Guard. "A large number of our customers are operational in some way, involved in war," said founder and CEO Tuomas Rasila.
The company says most of its revenue already comes from outside conflict zones. Rasila expects demand to grow whether or not the war in Ukraine continues, pointing to NATO members' commitment to spend 3.5 to 5% of GDP on defence. "There is nothing we hope for more than the end of war," he said. Chairman Timo Ahopelto put the market's annual growth at about 30%. "By 2030, the market will increase approximately fivefold," he said.
The proceeds will fund research and development in software, detection and countermeasure technologies, artificial intelligence and satellite capabilities. They will also pay for more production and testing capacity and strengthen the balance sheet.
Rasila will remain the controlling owner
Rasila owns up to 82% of the company, according to Helsingin Sanomat. He says the listing is not an exit. "I want Sensofusion to grow bigger than its founder. At the same time, I intend to continue as CEO," he said. He also plans to sell only a small part of his holding: "I am selling maybe about one percent of my own share and I am committing to not selling the 99 percent"
Suppose the issue raises the full €300 million at the maximum valuation. The dividend policy puts reinvestment first, and any future payouts will depend on the company's financing needs for growth. New shareholders are paying for growth, not for influence. The board and management already include familiar names: Ahopelto as chairman, and Mikko Hyppönen, formerly of F-Secure, as research director.
