Apotea IPO Signals Continued Strength of the Nordic Markets

Swedish e-pharmacy Apotea rang the bell at Nasdaq Stockholm on Dec. 6 to celebrate its initial public offering, marking the largest debut on Nasdaq’s European markets in 2024 by market capitalization.

The IPO emphasizes the stability of Nordic markets at a time of uncertain conditions internationally and continues to demonstrate how Nasdaq Stockholm has become a powerhouse for both local and international companies.

“Nasdaq Stockholm is a reliable foundation for companies to access necessary growth capital to continue innovate and expand,” said Adam Kostyál, President of Nasdaq Stockholm.

Eyes on Apotea

“This is a very visible event, not only locally, but internationally,” Kostyál said.

The IPO has drawn considerable attention from consumers, investors, and startups. Many companies have delayed their listings this year due to challenging macroeconomic conditions and a constrained investment climate.

“Apotea going out this year is special, in the sense that they feel confident that they can navigate fairly turbulent markets, whereas many companies have chosen not to,” Kostyál said.

A major contributor to this attention is Apotea CEO Pär Svärdson, who has been visible in the media and known for his ambitious goals concerning the company’s growth and sustainability.

According to Kostyál, Svärdson serves as an inspiration to other CEOs who might be considering entering the public markets.

Apotea CEO Pär Svärdson at Nasdaq’s Bell Ceremony

“A lot of European capital markets (ECM) companies are looking at this IPO to see how it will perform,” Kostyál said. “Who’s investing? What kind of key parameters are we seeing? These are benchmarks for them.”

Sweden’s premier online pharmacy, Apotea has become known for providing a swift and simple retail experience for customers. The IPO has welcomed more than 90,000 new shareholders into the company, significantly broadening its investor base.

Stockholm’s Market Strength

Stockholm’s impressive track record has made it an attractive destination for companies considering public listings. The Financial Times earlier this year profiled Sweden’s success story as a market operator, highlighting its distinctive position in European markets.

“Sweden is one of the leading retail markets in the world, and it will be able to give Apotea the right support in terms of engaging not only institutional investors, but also retail,” said Kostyál.

“The fact that they’ve chosen to list here is significant because they feel that Nasdaq Stockholm will give them both local support in terms of an investor base and international presence and relevance.”

Over the past decade, more than 600 companies have listed in Stockholm. The exchange has also led Europe in small and medium enterprise (SME) listings for the past three years.

“Apotea has been able to engage with local and international investors to build their story—even in a fairly unpredictable market,” Kostyál explained. “That goes to the depth and the strength of the local market—to be able to support them in achieving that.”

The Stockholm exchange’s integration with the broader Nasdaq brand is also valuable for companies, offering them entrée to a vast network of peer companies and a deep well of expertise.

Nasdaq additionally provides comprehensive services and support to companies that list on its exchange. Kostyál said these factors can coax companies otherwise shy of emerging from private markets to enter the public marketplace.

A New View on Europe

Apotea’s listing also comes at a time when European markets are evolving. Traditionally, technology companies have avoided listing in Europe, known to be a complex and sometimes difficult environment for innovative companies to grow in. 

But that’s changing. In recent years, Europe’s capital markets union (CMU) has deployed efforts to create a seamless unified market across the continent. The markets Nasdaq and others operate in Europe are of varied sizes and stages. Local and national environments for the capital markets ecosystem have been a differentiating factor. This is why the Swedish market has developed into such a success story.

“Right now, there’s a lot of focus on strengthening the European capital markets, with Sweden being a prime example,” Kostyál said. “We’re taking the lead in helping companies transition to public markets, and the world sees that.”

The success of Apotea’s listing in Stockholm, along with its decision to remain anchored in Europe, is a clear sign of this maturation.

Learn more about Nasdaq European Markets.

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Information is provided for educational purposes only.  Nasdaq does not recommend or endorse any securities offering; you are urged to read the registration statement, undertake your own due diligence and carefully evaluate any company before investing.  ADVICE FROM A SECURITIES PROFESSIONAL IS STRONGLY ADVISED.