Similar to Nasdaq’s historic first quarter for its U.S. exchange, its European markets, with seven exchanges across the continent, welcomed a record 32 listings during the first quarter, representing the most listings during the period in its history. The strong start positions Nasdaq as a leading exchange operator in Europe, with momentum expected to build through the rest of the year.
For the first quarter, exchanges in Stockholm, Helsinki, Copenhagen and Tallin collectively listed 32 companies during the quarter, including Finnish med-tech supplier Nightingale and Swedish biotech company Lipigon Pharmaceuticals. The listings raised 1.7 billion Euro. Stockholm welcomed 23 listings to the exchange and Copenhagen’s four listings in the first quarter met its 2007 record.
Nasdaq’s exchanges in Scandinavia also saw its first Special Purpose Acquisition Company (SPAC) IPO, AQC Bure, which traded up to 106 SEK and after five minutes had a turnover of 700,000 shares. The SPAC raised $404 million in its IPO and attracted 35,000 new shareholders.
The robust start to the year builds upon the rebound in the European IPO markets during the second half of 2020. Despite the uncertainties caused by the global pandemic, Nasdaq’s European Markets finished 2020 with 79 listings, up from 63 a year prior, illustrating how Nasdaq’s exchanges were able to operate seamlessly even in times of turbulence.
One aspect that makes the Nordic markets very dominating from an IPO perspective is the ability to list small and medium-sized enterprises. Since 2014, one-third of all IPOs in Europe have been on the Nordic markets, where Sweden has been the most active market throughout, and this continues to be the trend.Adam Kostyál, Head of European Listings, Nasdaq