NASDAQ FANTASTIC 2020 IPO YEAR
Nasdaq Nordics had a fantastic IPO year
floating 78 new companies, creating an
increased international interest. Nasdaq
Nordics is looking forward to work with
many more international companies who
are seeking to list in Stockholm.
GoingPublic interviewed in December
Adam Kostyál, Senior Vice President,
Head of European Listings.
Corona has kept some hot candidates from
making IPOs, at least in Germany. There
were a meager five listings at the end of
2020. At Nasdaq Stockholm, on the other
hand, there is great satisfaction — and
Adam Kostyál, Senior Vice President and
Head of European Listings, is clearly
raising expectations for the coming year.
GoingPublic: Mr. Kostyál, 2020 was a
constant string of exceptional
situations - how did that influence the
activities on Nasdaq Stockholm?
Kostyál: We noticed great interest in
Nasdaq Stockholm from potential issuers
and we got off to a very positive start to
the year. The corona pandemic then of
course gave us a shock. Shortly before the
end of the year, however, I can definitely
say: wrongly. Nasdaq Stockholm has
overcome the challenges. Demand has
recovered completely. The capital market
has adapted very quickly to the changed
conditions — both in terms of the
valuation levels of the companies and in
terms of interactions. Business has just
simply shifted into virtual space. So far,
we've had 57 new additions to Nasdaq
Stockholm, after 47 listings in 2019. So
we've had a fantastic IPO year.
The balance sheet on the German stock
exchanges is rather poor. What is the
Our definite advantage is that Sweden has
a stock trading culture — unlike most
other European markets. Every household,
every family, is directly or indirectly
active in the market, owns shares or
funds. We have a real and widely ramified
ecosystem that understands and lives the
stock exchange and capital market.
What does that mean specifically for
In addition to the service providers and
investment banks who are only interested
in major IPOs, we have a network of
consultants and specialists who also
support small and medium-sized companies
with their IPOs. This is a great added
value that we bring and that sets us apart
from other stock exchanges in Europe.
With a listing on Nasdaq Stockholm,
smaller issuers also get the necessary
visibility in the market and can collect
the necessary capital for their next
But the IPO is not enough.
Fortunately not — after all, even after
the IPO, listed companies have the
opportunity to raise fresh capital via the
capital market at any time and to pursue
their growth path — this is an advantage
especially for capital-intensive and
long-term oriented industries such as
How many international companies have
already been won over by the arguments
in favor of Nasdaq Stockholm?
Today around 10% of our listings come from
abroad. But we see a very clear upward
trend here. We speak to numerous companies
— also from Germany — who are considering
going public on Nasdaq Stockholm and want
to know exactly whether the IPO can be an
alternative with us.
In Germany in particular there are many
companies that are not big enough for an
IPO on their home market, but would be
absolutely right with us — we currently
spend a lot of time in Germany.
Who are you talking to?
A nice attempt — but of course I can't
comment on it. But what I can say: The
successful examples that are successful on
Nasdaq Stockholm continue to stimulate
activity and demand.
For which industries is a listing on
Nasdaq Stockholm particularly
Growth industries such as gaming or
clean-tech, which have a strong
international focus, will find a perfectly
fitting ecosystem here with interested
investors, a strong peer group, numerous
analysts and a large community of service
providers. Of course, a German company
from the real estate sector can also try
their luck with us, but that's not what
most Swedish investors focus on.
Which companies, in turn, do you focus
your activities on?
We are interested in companies that want
to grow worldwide and bring innovative
technology and a solid business model with
As a subsidiary of the Nasdaq Group,
which is also behind Nasdaq New York,
who do you advise on dual listing?
A second listing can be an opportunity for
a wide variety of companies to increase
their market value. You gain access to a
new group of investors and a
well-developed ecosystem. A concrete
example of a recently successful dual
listing is Media and Games Invest (MGI),
which has been listed on Nasdaq Stockholm
since October in addition to its listing
in Frankfurt. The company is a perfect fit
for the Stockholm Stock Exchange, as it is
profitable and fast-growing as well as in
the attractive gaming market for Swedish
Published 28 December 2020