Kim from JPM on Why Stockholm is Leading Europe’s IPO Revival

Ask a European banker how to revive the continent’s capital markets and many will point straight to Sweden. It’s counterintuitive.

During the post-Brexit race to find alternatives to the London exchange, Stockholm was barely in the conversation. Frankfurt had the ECB. Paris had the commercial heavyweight banks. Amsterdam drew the nostalgic comparisons to its 17th-century trading peak.

But it seems like Sweden looks more and more like a path forward.

Few understand this rise better than Kim Larsson Nyheim.

Sweden is going through a structural reset. Stockholm has become Europe’s most dynamic market for high-growth companies, generating more IPO proceeds this year than most European exchanges combined, supported by a deep private-equity ecosystem and the region’s busiest high-yield market.

At the same time, a sharp fiscal pivot and a wave of new government bond issuance are transforming the country into one of Europe’s most interesting macro trading arenas.

It’s a rare combination: a dense startup region, a global bank with serious balance-sheet reach, and a capital market entering a fresh cycle of liquidity and volatility.

Kim sits at the intersection of all three. Read along.

Q&A - Kim Larsson Nyheim, Nordics Innovation Economy Banking at J.P. Morgan

Sweden has become the unlikely frontrunner in Europe’s capital-market revival. From your seat, what explains Stockholm’s surge in IPO activity and risk appetite this year?

Sweden’s surge in IPO activity is driven by a combination of deep pools of domestic capital, a sophisticated investor base, and a strong tradition of supporting innovation. Stockholm’s ecosystem benefits from a diverse IPO market, transparent regulation, and a willingness among institutional investors to back growth stories. With notable IPOs this year heavily oversubscribed, Sweden has seen strong interest from both local and international demand.

The rebound in risk appetite reflects both pent-up demand after a quieter period and confidence in Sweden’s ability to produce globally competitive companies.

Startup density in the Nordics is high, but only a few regions convert that into real capital-markets depth. What makes Sweden different in practice?

Sweden’s success lies in its ability to bridge the gap between innovation and capital. Sweden stands out for its mature venture and growth funding environment, active public markets, and a culture of serial entrepreneurship. The country’s pension funds and family offices are more engaged in tech investing, and there’s a well-trodden path from startup to IPO. Sweden’s regulatory framework is supportive, and founders have access to experienced advisors, such as J.P. Morgan, and a broad investor base, which helps translate startup density into real capital-markets depth.

Equally important, Sweden has world-class technical universities and a strong engineering talent, along with a creative mindset. In Stockholm, you can feel the ongoing paradigm shift — especially in fields like AI — evident in global growth stories of companies, such as Lovable.

You’ve spent years supporting both early-stage and growth tech companies. What separates the Nordic founders who scale into global companies from the ones who plateau?

The founders who scale globally tend to combine technical excellence with a strong commercial mindset and a willingness to build diverse, international teams early. They’re proactive in seeking global partnerships, adapting their products for new markets, and raising capital from international investors. Global investors also attract a global mindset, opening a wider addressable market.  Those who plateau often focus too narrowly on local success or hesitate to invest in international expansion and leadership. At J.P. Morgan, we help founders think globally from day one, providing the tools and connections needed to scale.

How is J.P. Morgan positioning itself in the Nordics as more European founders look for global liquidity, especially those in fintech, AI, and next-gen infrastructure?

J.P. Morgan is deeply committed to supporting Nordic innovation. We’ve invested in dedicated teams, such as the Innovation Economy team, and digital platforms to support Nordic founders at every stage of their journey. We offer seamless access to global capital markets, cross-border banking solutions, and deep sector expertise in fintech, AI, and infrastructure. Our local presence, combined with our global network, enables us to help founders scale internationally, access global liquidity, and navigate complex regulatory environments when entering new markets. We’re here to be a long-term partner, offering strategic advice and tailored solutions at every stage of growth.

The Nordics have strong public-sector institutions and conservative investment cultures. How does ‘the law of Jante’ interact with the fast-moving innovation economy? Helpful friction or structural constraint?

‘The law of Jante’ — the cultural norm of modesty and consensus — can be both a source of helpful friction and a constraint. It encourages collaboration, long-term thinking, and sustainable growth, which are strengths in building resilient companies. However, it can sometimes slow decision-making or dampen bold ambition. The most successful founders learn to balance humility with the confidence needed to pursue global opportunities, and we see this mindset increasingly among Nordic entrepreneurs.

If you had to point to one capital-market trend Nordic founders should prepare for in 2026, what would it be?

Nordic founders should prepare for a more competitive and selective IPO and funding environment, with investors placing greater emphasis on profitability and scalability.

Companies that demonstrate clear paths to sustainable growth and global relevance will be well positioned to attract capital and succeed in public markets.