2025 IPO facts that made headlines
The table below collects the headline numbers that shaped the story. These figures come from Bloomberg and company releases during the 2025 listing window.
| 2025 IPO facts that made headlines | The number |
|---|---|
| Stockholm was on track to raise in IPOs (Bloomberg) | $6.8 billion |
| Nasdaq Stockholm raised from IPOs in 2025, with Verisure as the biggest deal (Bloomberg) | $7.23 billion total, Verisure $4.26 billion |
| Verisure IPO pricing and size (company release) | EUR 13.25 per share, EUR 13.7 billion market cap, ~EUR 3.1 billion primary proceeds |
| Noba IPO valuation and retail reach (company release) | SEK 35 billion valuation, 33,000+ shareholders |
| Klarna IPO size (AP News) | ~34 million shares, about $1.37 billion |
Stockholm took the spotlight in 2025
Bloomberg reported that Stockholm was the most popular place in Europe to go public in 2025 by money raised, on track to bring in about $6.8 billion in first-time offerings, ranking fifth globally after the US, China, Hong Kong, and India. Bloomberg also noted that this was a large result for a market roughly a third the size of London.
That performance set a high bar for 2026. Bloomberg's year-end follow-up said Nasdaq Stockholm raised $7.23 billion from IPOs in 2025, and Verisure accounted for $4.26 billion of that total. It also quoted the exchange's leadership as bullish for 2026 even without another mega-deal of the same size.
Verisure was the "big one"
Verisure's listing on Nasdaq Stockholm on 8 October 2025 was the standout Swedish IPO. The company said its offer price was EUR 13.25 per share, implying a EUR 13.7 billion market capitalization (roughly SEK 150 billion). The IPO raised about EUR 3.1 billion in gross primary proceeds, with an overallotment option that could lift gross proceeds to about EUR 3.6 billion. The offering was multiple times oversubscribed, and Verisure reported more than 60,000 new shareholders.
The key takeaway: the market was open enough for a very large deal to attract both international and Swedish retail demand, and to bring a large number of new shareholders into a single listing.
Noba made "big Swedish IPO" feel normal again
Noba Bank Group started trading on Nasdaq Stockholm on 26 September 2025. Noba said the offer price was SEK 70 per share, implying a total market value of SEK 35 billion, and that the offering was oversubscribed several times. It also reported more than 33,000 shareholders after the listing.
One important detail: Noba's offering consisted of existing shares sold by current shareholders (with an overallotment option). Verisure's offering included a large issue of new shares to raise primary capital plus a smaller sale of existing shares. These structures are not "good" or "bad" on their own, but they are not the same thing, and the difference matters when you read IPO headlines.
Klarna gave Sweden a global IPO moment
Not every Swedish IPO story stayed in Stockholm. Klarna chose to list on the New York Stock Exchange in 2025. AP News reported that about 34 million shares were sold in the IPO, for roughly $1.37 billion.
For Swedish investors, that was a simple signal: a local consumer brand picked the deepest global market in a year when IPOs were clearly open again.
Why we compare these stories
The 2025 numbers show where IPO money was raised in Europe. Verisure and Noba show what actually got listed in Sweden and how large those deals were. Klarna shows that Swedish companies can also choose the US market when they want global visibility and liquidity.
That is the point of following IPOs as a Swedish investor. It is not only about whether the stock jumps on day one. It is about which companies are choosing to list, what kind of capital they are raising, and whether the market is open for new stories at all.
Bottom line
Stockholm's 2025 IPO season was not a blip. The volumes were large by European standards, the flagship deal was very large by Swedish standards, and multiple listings brought in new retail shareholders. That is why expectations for 2026 jumped.