Swedish stock market sees rising IPO activity and strong serial acquirer performance

The Swedish stock market is experiencing a surge in activity, with high pressure on bank M&A departments and a growing queue for initial public offerings (IPOs). Analysts suggest 2026 could be the strongest year for listings since 2021.

In the sector of serial acquirers—companies that grow by systematically purchasing smaller firms and reinvesting cash flow—four major players on the Stockholm exchange (Indutrade, Lifco, Lagercrantz, and Addtech) have significantly outperformed the index over the last decade. Addtech stands out as a leader in recent investment returns, boasting a Return on Invested Incremental Capital (ROIIC) of 21.7 percent, followed by Lagercrantz at 18.0 percent, Lifco at 16.5 percent, and Indutrade at 10.8 percent.

New candidates for listing include industrial acquirer Svevik Industri, which plans to list on First North, and infrastructure company Eleda, which is reportedly being prepared for a listing by Bain Capital.