Preparing Companies for Long-Term Success in Public Markets: IPO Report (Nordic Capital)

Summary

• Nordic Capital has supported 23 public listings since its inception in 1989, including 18 since 2000.p.2
• Across the 18 IPOs backed since 2000, cumulative market performance exceeded relevant indices by 36 percent.p.2
• Within two years of listing, portfolio companies achieved a median net sales increase of 20 percent and a median EBITDA increase of 37 percent.p.2
• In Sweden, 7 out of 10 companies taken public by Nordic Capital since 2014 outperformed the market.p.4
• A total of 90 percent of portfolio companies have established a sustainability strategy, and 80 percent publish a sustainability report.p.19
• More than 1,400 professionals across portfolio companies and advisors have received sustainability training since 2014.p.19

Key insights

1. Nordic Capital-backed IPOs have achieved a cumulative outperformance of 36 percent against relevant market indices since 2000.p.4
2. Top share price performers since listing include Bufab at 962% and Nordnet at 182% as of November 30, 2025.p.4
3. NOBA Bank Group expanded its loan book from SEK 13 bn in 2017 to SEK 128 bn in 2024 prior to its listing on Nasdaq Stockholm.p.7
4. Nordnet recorded 130 percent total income growth and 366 percent EBT growth in the two years following its IPO.p.9
5. Thule generated a 23 percent increase in net sales and a 54 percent gain in EBITDA during its first two years as a public company.p.14
6. Convatec expanded its revenue by over 90 percent and grew its workforce from 3,400 to 8,500 employees under Nordic Capital ownership.p.21
7. Munters nearly doubled its total revenue to SEK 7.1 bn during its operational transformation before re-listing on Nasdaq Stockholm.p.22
8. Data collection on greenhouse gas emissions is actively conducted by 90 percent of portfolio companies, with 88 percent implementing energy reduction measures.p.19