Preparations aimed at a stock market listing can act as a reset for a company. They can be beneficial even if a listing never takes place. Plans to sell the company may also evolve into listing ambitions. If a company carries out a share offering in connection with a listing, it can also raise equity financing to support its growth, says Nasdaq’s head of client relations. Text: Petri Kangas / Business Tampere Even if a company never lists, the preparatory steps related to a potential listing can serve as a reset for the business, says Erja Retzén, head of client relations for Nasdaq’s Nordic markets. “A listing provides a solid foundation for growth and internationalisation. It improves reporting and predictability, and in some respects it may be appropriate to adjust operations. It can also increase a company’s visibility. In other words, a listing strengthens corporate governance and operational efficiency. In addition, if a company carries out a share offering in connection with a listing, it gains equity capital to finance its growth,” says Retzén. In recent years, between five and ten companies per year have listed on Nasdaq Helsinki and the Nasdaq First North Growth Market. Not all of these listings include a share offering (IPO, Initial Public Offering). The exception was 2021, when 31 companies listed on the Helsinki stock exchange. Of these, 26 included a share offering. Listings in Finland 2016201720182019202020212022202320242025111314773114359 Source: Nasdaq Nordic: New listings, including internal transfers and reverse takeover According to Retzén, a fundamentally healthy company with momentum and credibility in the market can list in almost any market environment. “In quieter years, there is at least more media and investor attention available, with less competition. If markets are turbulent both locally and globally and investors are cautious, it may not be the right time for higher-risk projects,” she says. A company can also pursue two tracks at the same time, Retzén explains: a listing and a potential sale can proceed in parallel. The idea is not to decide immediately whether to go public or seek a buyer, but to prepare for both simultaneously. This keeps options open and strengthens the company’s negotiating position. Whether the outcome is a listing or an acquisition, the company’s core capabilities are strengthened in the same way. “Today, company boards are expected to have more experience of listings or corporate transactions than before,” says Retzén. Support from more experienced peers Retzén praises Finnish companies that have already listed for openly sharing their experiences with growth companies considering an IPO. “Over the years, growth companies’ understanding of listings and their requirements has increased through various training programmes, guides and short-format briefing events. Companies that have gone through a listing share their knowledge with those who ask,” she says. Business Tampere is organising the IPO Clinic – On the road to the stock exchange? event on 5 February at Platform 6, a hub dedicated to startups and growth companies. The event is aimed at companies planning a listing as well as those still considering future strategic directions and financing models. As the host of the event, Retzén wants to address possible misconceptions that may deter companies before or after a listing. “I have heard it said that an IPO brings bureaucracy and rigidity that eliminate creativity. A listing increases visibility, both positive and negative. On the one hand, companies cannot communicate only positive news, but must keep investors informed about developments on a broad scale. On the other hand, clear communication makes management’s day-to-day work easier: you can openly discuss what has already been disclosed.” Click here for more information about the upcoming event. event exchange Internationalisation IPO lesson listing Nasdaq