(BFM Stock Exchange) – Companies listed on the Stockholm Stock Exchange have raised nearly $ 2 billion until now in 2025, more than eight times more than the amounts observed in London, according to CNBC. In Paris, the situation is much more critical.

The dynamism of the IPOs in Europe in 2025 comes from a financial center which traditionally does not make headlines. The renewal of the old continent’s rating goes through Sweden, and its Stockholm purse, which offers a good market depth.

This year, companies that have joined the Stockholm Stock Exchange have raised nearly $ 2 billion so far, more than eight times the volume observed in London.

This amount is also much higher than that raised by the companies that have joined the Madrid, Zurich or Frankfurt scholarships, according to a CNBC and based on data provided by FactstSet.

The figure will climb again in the coming weeks. Wednesday, September 17, Verisure, the specialist in alarm systems announced his intention to break into the Stockholm Stock Exchange, and to raise more than 3 billion euros on this occasion.

Three of the biggest IPOs in Europe in the first half

Verisure’s IPO is eagerly awaited by investors since it could be one of the largest in Europe since that of Porsche, which had raised more than 9 billion euros in 2022, said Bloomberg last week.

A week earlier, the Swedish neobank Noba expressed her intention to join the Stockholm Stock Exchange. A well -thought -out project since the company took the first steps on the stock market very noticed this Friday, September 26. The title has opened up close 30% compared to its price of 70 Swedish crowns selected for its IPO.

The operation aroused great interest since and the offer was overwritten, sources reported to Reuters. That is to say that the demand was more important than the initial order book.

These are all operations that are continuing the trend observed the previous year, said EY in its report devoted to the IPOs in Northern Europe, published last July.

In 2024, the number of operations in the countries of northern European (Denmark, Norway, Sweden, Finland) had doubled to reach the number of 20 IPOs, said EY in its latest report “EY Global IPO Trends 2024”.

And in the first half of 2025, 16 IPOs and direct quotes took place in these same countries, including 11 in Sweden. Over the period, the firm noticed that four of the five most important operations in the Nordic scholarships were carried out in Sweden. And three of them were the largest operations in Europe. The Asker Healthcare Group health group raised 821.1 million euros, the financial group Röko 481.7 million euros and the Swedish Casino Games company Hacksaw Gaming, 348.1 million euros.

A buoyant environment

Why is the Stockholm Stock Exchange the scene of numerous IPOs on European soil? The field is more than favorable to businesses, with private investors very receptive to financial markets. Their strong involvement is beneficial for the Swedish square, creating a depth capable of welcoming new entrants.

In a previous paper, we have detailed the reasons which explain the dynamism of the Swedish equity markets. From the end of the 1970s, Sweden introduced measures to encourage Swedish households to place their woolen stockings in the country’s equity market.

This explains a strong appetite by Swedes for equity investments, which represent 42% of the country’s household savings. This share drops 23% in France and even 17% in Europe in 27.

They are now more than 2 million people (almost a third of the adult population) to directly hold shares on a listed company, according to data from the Swedish Securities Market Association cited by the OECD.

Not to mention their investment through pensions or investment funds, which are the cornerstone of the dynamism of the Swedish stock market. Swedish pension funds manage more than 800 billion euros in assets, more than a fifth of the European Union total, details an OECD report dedicated to the Swedish financial market.

“Sweden has long favored a culture that encourages the use of joint -stock financing, which is visible throughout the market, whether it is the distribution of assets of the different categories of institutional investors, the composition of household financial assets or use by market -based finance companies,” explains this report.

In addition to a high market depth permitted by the investments of individuals, one of the main attractions of the country “lies in the strong presence of a local community of professional investors (pension funds, insurance companies, asset managers and family investment companies) who have been willing to support and open their checkbook for good deals,” said Bloomberg.

Thanks to its dynamism, the Stockholm Stock Exchange escapes the drying up of the equity markets, unlike other European stock markets. Including the Paris Stock Exchange which has seen the number of its residents constantly retreating since 2021. In Sweden, this is not the case. Since 2014, 1,059 companies have joined the Swedish market, compared to 537 radiation, a net increase of 522 companies, according to the OECD count.

Observers expect the year 2026 to be marked by numerous operations in Sweden. “We are quite confident and optimistic about the pipeline (number of companies ready for an IPO, Editor’s note) and what it will look like in the next 12 months,” Nordaa Kasper Dichow told CNBC. “I think that 2026 should be a great year for the IPO, not only in Sweden, but in all the Nordic countries, with numerous IPOs of large capitalizations,” he adds.

A disturbing attrition of the rating in France

In France, the situation is much less delightful. Since the beginning of 2025, we have only declared an operation on the Paris Stock Exchange, with the exception of stock market entries on Euronext Access and direct quotes on Euronext Growth. The company that dared to launch out on the stock market is Semco Technologies, a manufacturer of components dedicated to the semiconductor industry in July.

However, several initiatives have been carried out to try to improve the attractiveness of the Paris Stock Exchange in a context of high attrition of the tricolor coast, and intense competition with other international places. Either by softening the rules on the IPO, or by legislating to build muscle devices aimed at facilitating operations on hexagonal soil, with the attractiveness law.

But since the summer of 2024, very few companies have dared to take the plunge. Only Lighton, specializing in artificial intelligence and technologies Odyssey, in precision mechanics, dared to embark on the big stock bath in the second part of the year 2024.

The culprit is all found: the political situation in France which creates uncertainty for companies. In June 2024, President Emmanuel Macron decided to dissolve the National Assembly, a political thunder which put a brutal stop at the tricolor market of the IPO.

Societies and markets have a holy horror of lack of visibility. However, the candidates’ reservoir seems to be quite important. In France, nearly 30 “innovative” companies were identified in the third French Tech Finance Partners report, published in late January. With among them collective cloakroom, Doctolib, Backmarket or Manomano to name a few.

This deposit of potential candidates for an entry to the Paris Stock Exchange represents a total valuation of 65 billion euros, according to this report. But for the time being, candidates still do not jostle.

Only the supplier of spare parts for aeronautics and defense ACI Groupe indicated at the Bourget show in June, aiming for an introduction to the Paris Stock Exchange this fall on the Euronext Growth compartment, dedicated to small and medium capitalizations.