Sweden's IPO story - Adam Kostyal, President of Nasdaq Stockholm (IPO Stories, ep. 40)

Sweden has been one of the world's most active IPO markets over the last 10 years, despite a population of only 10 million. The Swedish markets has seen very solid support for IPOs, in large parts thanks to a very successful equity investment ecosystem, with both strong pension funds and retail participation.  With Adam Kostyal, Nasdaq's head of listings for Europe and President of Nasdaq Stockholm, we delve into the background for this successful growth of Sweden's capital markets, and the lessons that can be learnt from it for other countries. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management. 

ADNOC, the Abu Dhabi National Oil Company, has been one of the most active IPO sponsors globally, with 6 IPOs of its subsidiaries and JVs, starting with ADNOC Distribution in 2017, followed by ADNOC Drilling and Fertiglobe in 2021, Borouge in 2022, and ADNOC Gas and Logistics in 2023. In today’s episode we are joined by Klaus Froehlich, the Chief Investment Officer of ADNOC Group, whose team has overseen these listings, all done on the Abu Dhabi stock exchange, ADX. We are also joined by Jan Martin Nufer, the CFO of Borouge, to share the story of this petrochemical company, and the announced merger of the company with Borealis to form a global petrochemicals leader, Borouge Group International. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at [email protected] Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.  

In this episode, we sit down with Quynh-Boi Demey, the CFO of Exosens, a French industrial tech company that listed on Euronext Paris in June 2024.  Exosens specializes in advanced imaging and sensing solutions for demanding environments such as aerospace, defense, and scientific research. It is best known as the leading non-US manufacturer of light-enhancing tubes for night vision, but also develops a broad range of complementary technologies, including high-performance photodetectors, infrared sensors, and scientific imaging systems used in industrial inspection, medical diagnostics, and space exploration. With Quynh-Boi, we go through the timing and preparation of the IPO, the transition from being owned by a Private Equity firm to being listed, the importance of meeting, or beating, the IPO guidance, and the benefits of being publicly listed. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at [email protected] Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.  

Michelle Lowry is a Professor of Finance at Drexel University, and has dedicated her research agenda to IPOs, corporate governance and retail investing. With Michelle, we discuss some of the factors behind the drop in the number of listings over the last 20 years, in particular the change in the type of companies that are going public, the optimal corporate governance structures for newly public companies, in particular how it differs from that of mature public companies, and how the occurrence of IPOs are an important stimulation for retail participation in the stock market. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at [email protected] Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.  

In this episode of IPO Stories, we are thrilled to welcome Caroline Escott, Head of Investment Stewardship and Co-Head of Sustainable Ownership at Railpen, one of the UK's largest pension schemes. With over £34 billion in assets under management, Railpen is a significant player in both public and private markets. Caroline leads Railpen's global investment stewardship efforts, engaging with portfolio companies on governance and strategy, and voting at annual general meetings. Caroline shares insights into how companies should approach governance as they consider going public, drawing from Railpen's experience as an active investor in pre-IPO and IPO situations, and long-term ownership of a global portfolio of equities. Caroline discusses the importance of good governance for long-term value creation and how Railpen's stewardship team actively engages with companies to ensure they are well-prepared for public listing. She highlights the role of governance in managing risks and opportunities, emphasizing that well-run companies are better positioned to thrive over the long term. Caroline also shares Railpen's approach to pre-IPO investments, where they work closely with companies to support their growth journey and prepare them for the heightened expectations of public markets. If you have feedback, or there are any topics you would like us to cover on the show, please reach out at [email protected] Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

Jay Ritter is a Professor of Finance at the University of Florida's Warrington School of Business. He has become known as «Mr IPO» for his substantial work on IPOs through the years, starting with his PhD dissertation about IPOs at the University of Chicago in 1981. Through his work, Jay Ritter has attempted to provide data-driven insights into the dynamics of IPOs across the world. His work has focused on the underpricing, or day 1 performance, of IPOs, as well as the long-term performance of those IPOs versus the market. Jay has also focused on making his data and analysis public, and maintains a trove of IPO-related data on his website. With Jay, we discuss the critical importance of valuation for IPO success, the differences between institutional and retail-focused IPOs, the takeaways for management teams, and innovations in the IPO process. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

In this episode we sit down with Michael Shapiro, Apollo's co-head of Capital Markets and Syndicate, to unpack what it really takes to engineer a successful IPO in today’s market. Drawing on Apollo’s deep experience across public and private markets—including recent IPOs like Lottomatica in Italy, Sun Country in the US, and Ventia in Australia —Michael explains how the firm builds IPO readiness from the moment of investment, why purchase price matters more than ever, and how to turn complex businesses into compelling public stories. We dive into the practical playbook Apollo uses: early investor engagement, dry-run earnings reports, capital structure optimization, and building credibility long before the listing. Michael also challenges old assumptions about investor categories, advocating for a focus on fundamentals over labels like “long-only” or “hedge fund.” Throughout the conversation, he emphasizes the importance of predictability, simplicity, and investor alignment to maximize post-IPO performance. Whether you're a company preparing to go public, an investor evaluating IPOs, or simply fascinated by how public markets work, this episode offers a masterclass in IPO execution from one of the industry's top capital markets practitioners. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management or Apollo Global Management.

Marco Sammon is an assistant professor in the Finance Unit at Harvard Business School. He and his co-authors have researched on how indexing interacts with IPOs, particularly relating to fast-track additions to equity indices in the US, and the behaviour of firms in response to equity index rebalancing. With Marco, we try to draw some conclusions for investors and management teams about how to adapt to the growing share of passive ownership in equity markets – which can be both frustrating at times, and beneficial to companies going public. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.

In this episode we sit down with Eben Upton, CEO and Founder of Raspberry Pi - a UK-based technology company known for its single-board computers, initially founded to promote programming education and growing into a global leader in embedded computing. We are joined by Aditi Venkatram, Managing Director at Jefferies, one of the bankers advising on the IPO of Raspberry Pi on the London Stock Exchange in June 2024. We deep dive into the key strategic and operational considerations for a successful Tech IPO outside of the US boundary, discuss the rationale for the Raspberry Pi listing, how to balance demand from both institutional and retail investors, and building long-term success post-IPO. Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.  

  In this episode, we sit down with Marc Hammoud, VP of Investor Relations at ADPorts Group, to discuss the pivotal role investor relations plays in the success of publicly listed companies. With over 15 years in MENA capital markets, Marc shares his expertise on how IR functions as a bridge between a company and the financial community, ensuring transparency, effective communication, and optimal shareholder engagement. He highlights the key functions of IR, from managing investor expectations to shaping company strategy, and explains why IR should be a core component of a company’s journey—ideally even before an IPO. The discussion also covers liquidity challenges and solutions for newly listed companies. Marc explains why stock liquidity is essential for valuation and how companies can proactively enhance it by broadening shareholder diversity, engaging with the right investors, and ensuring market visibility. He shares insights into how capital markets work, how companies can leverage IR to drive long-term shareholder value, and the importance of investor education in preparing for capital-raising events or shareholder divestments. Disclaimer: This discussion is for informational purposes only and does not constitute financial advice, investment recommendations, or solicitation to buy or sell financial instruments. The views expressed are those of the participants and do not necessarily reflect those of Amundsen Investment Management. Neither Amundsen Investment Management nor the podcast guests take responsibility for investment decisions made based on this discussion. The participants in this podcast and Amundsen IM may hold positions in the companies mentioned.