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Nasdaq Europe marked a year of exceptional growth in 2024, reinforcing its position as a leading European exchange. Notably, it oversaw remarkable increases in both primary and secondary market activity, as well as a record year for the corporate bond market.
The exchange notched 46 new listings throughout the year, including 14 initial public offerings (IPOs) and 9 up-listings from First North to the Main Market. Companies raised a total of €15.7 billion in proceeds, surpassing the previous year, with €1.2 billion coming from primary proceeds and €14.5 billion from secondary offerings. Additionally, the exchange helped 415 unique listed companies raise secondary capital during 2024.
"The success we saw in 2024 reflects the unique strength of our market environment," said Adam Kostyál, President of Nasdaq Stockholm.
“Long-term capital such as pensions, insurance assets, and direct retail investment are the starting point for deep and effective capital markets. Sweden has excelled at shifting more savings from bank deposits to investments, which has been crucial for providing capital to small and medium enterprises (SMEs),” he added.
“The local affiliation and proximity to our investor base, venture capital, private equity community, advisors, and the media have been essential factors in enhancing companies' ability to raise capital and finance their growth," said Kostyál.
2024 Listings Milestones
A few transactions in particular stood out last year. The secondary listing of Sampo Plc in Denmark was the largest listing by market capitalization at €22.7 billion and Sveafastigheter AB was the largest IPO, raising €300 million in its primary listing. There was also the notable listing of Sweden's premier online pharmacy, Apotea. The IPO on Nasdaq Stockholm welcomed more than 90,000 new shareholders into the company, significantly broadening its investor base and drawing attention from consumers, investors and startups.
In the debt markets, 2024 was also a landmark year. The Nordic and Baltic Sustainable Debt Markets experienced significant expansion throughout 2024, with a 75% year-over-year growth in new listed instruments and total outstanding volume growing by 18% to €74.4 billion.
The Swedish Corporate Bond Market continued to evolve as a dynamic marketplace for both mature companies and growth-stage businesses, welcoming 32 new issuers including Electrolux Professional, Swedish Orphan Biovitrum, Voi, and Klarna Checkout.
The corporate bond market recorded a 50% increase in new listings year-over-year. Sustainable bonds were a particular bright spot, now representing 41% of the total corporate bond market, up from 36% in 2023, with outstanding volume growing by 20%.
"The growth in the corporate bond market is partly due to built-up demand after two years of high interest rates and inflation uncertainty, particularly in the real estate sector," Kostyál noted. “It is positive to see that the corporate bond market provides an efficient source of capital to a diverse group of issuers and contributes to the region’s deep capital markets ecosystem.”
Kostyál noted increasing international participation in the Nordic Debt Capital Markets, especially in the high-yield market. And while environmental projects dominate sustainable bonds, he pointed to evolution in other areas, including Nasdaq Helsinki welcoming the first Finnish social bond issuer, Sanoma.
Nasdaq Stockholm also introduced updates to its Main Market rulebook for 2025, streamlining the listing review process for companies seeking dual listings with U.S. exchanges. The new model eliminates redundant reviews by listing auditors for companies already approved for U.S. listing, making the process more efficient and attractive for international companies.
A Look Ahead
Looking ahead to 2025, Kostyál sees reasons for optimism. Nasdaq European Markets will play a key role in driving European competitiveness and the Capital Markets Union (CMU), initiatives that will shape the region's economic future in 2025.
"As we begin to see a more predictable investment climate with more stable inflation and indications of lower interest rates, we anticipate increased listing activity,” said Kostyál. “Our pipeline is steadily building.”
"In general, we are seeing greater interest from more mature companies—those who have managed to shift from growth to sustainable growth,” Kostyál said. “While risk appetite is still low compared to a normal year, we're seeing positive signs."
“As we move into 2025, it is clear that European competitiveness and the Capital Markets Union will play a critical role in shaping the future of the region. The EU and many countries in the region are looking towards Sweden and the Nordics as prime examples of well-functioning capital markets and we will continue to be engaged in these discussions to develop and strengthen the region.” said Kostyál.
Learn more about Nasdaq European Markets.
Cautionary Note Regarding Forward-Looking Statements:
Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Forward-looking statements can be identified by words such “will,” “plans,” “expects,” “may,” “believe” and other words and terms of similar meaning. Such forward-looking statements include, but are not limited to, statements about the Company’s growth strategy and market expectations, products and services, ability to enhance or innovate new ways for companies to join the public markets, future listing activity, and other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties, or other factors beyond Nasdaq’s control. These risks and uncertainties are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q which are available on Nasdaq’s investor relations website at ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
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