DECEMBER 17 2025
What does it take to prepare companies for public ownership? Nordic Capital’s first IPO Report provides a data-driven view on the firm’s IPO track record and the operational foundations that support long-term performance in public markets.
An initial public offering is a significant milestone for a company. It marks the transition into a new phase with higher demands on governance, transparency and sustained performance, where long-term competitiveness becomes critical.
Since its inception in 1989, Nordic Capital has supported 23 public listings, of which 18 since 2000.[1] The IPO Report brings together performance data and case examples to show how portfolio companies have been built and developed under Nordic Capital’s ownership, and how that work has translated into readiness for public markets.
Operational development through active ownership
The report highlights Nordic Capital’s approach to value creation through active ownership, sector expertise and operational improvement. The focus is on building competitive, scalable businesses by strengthening governance frameworks, leadership capability, internal controls and systems maturity, alongside integrating sustainability as a core driver of resilience and long-term value creation.
Across the companies Nordic Capital has taken public since 2000, cumulative performance has exceeded relevant market indices by 36 percent.[2] The report also shows continued operational momentum after listing: within two years of becoming public companies, median net sales increased by 20 percent and median EBITDA by 37 percent.[3] Together, the data shows how sustained operational development supports performance as companies enter public markets.
Public markets as part of a broader ownership strategy
An IPO is one of several exit routes considered throughout Nordic Capital’s ownership period. For companies at the right stage of maturity, public markets can provide access to long-term capital, increased visibility and a platform for continued development. At the same time, public ownership raises expectations around discipline, transparency and execution, reinforcing the importance of strong organisational foundations.
Rather than focusing on the listing event itself, the report underscores what defines quality in the transition from private to public ownership: operational robustness, governance maturity, leadership strength and the ability to perform consistently in a more transparent and regulated environment. In that sense, successful IPOs are the result of years of structured operational development and a sustained focus on long-term competitiveness.
To read the full report, please click the download button below.
[1] As of November 30, 2025.
[2] For details on the calculation methodology and market benchmark used, please refer to the methodology section at page 4 in the IPO report.
[3] Net sales and EBITDA growth two year after listing represent total growth. Median based on the 18 IPOs backed by Nordic Capital since 2000.