Capital markets in Finland


Juha Koponen leads the experienced practice at Borenius, which advises on high-value cross-border capital markets transactions including IPOs, public listings and tender offers; the group acts as both underwriter and issuer counsel on debt and equity capital markets matters. Ari Syrjäläinen is recommended for his work on equity transactions as well as his regulatory expertise. The practice's client list includes Nordea Bank, Danske Bank and JP Morgan, demonstrating its international capabilities; the team also recently advised EAB Group on its listing on Nasdaq Helsinki. Senior associate Katri Piiparinen is also a key name to note.

Practice head(s):

Juha Koponen


Motivated, deeply helpful team.

Strong and broad know-how of the space and underlying market. Team is responsive and proactive in their communication when working with them. Against competition in Helsinki they are easier to work with, have top understanding of the legal aspects of ECM deal in Fiinalnd, and also more broadly.’

Very experienced team with the capability to handle all sorts of capital market assignments.

Juha Koponen is key; he has a commercial mind and approach. Juha is really easy to work with and would assume other clients share this view. He is very knowledgeable and solid when it comes to legal aspects in the Capital Market space and beyond.

Key clients

Nordea Bank

Danske Bank

SEB – Skandinaviska Enskilda Banken

OP Corporate Bank

Bank of America Merrill Lynch

JP Morgan

CapMan Plc

Intera Partners Oy

Credit Suisse


Morgan Stanley

Deutsche Bank

Carnegie Investment Bank

Etteplan Corporation

Citycon Oyj

Paroc Group Oyj

Office of the Finnish Prime Minister

Oma Savings Bank

Tieto Corporation

Garantia Insurance Company

Yleiselektroniikka Oyj

Goldman Sachs


Work highlights

  • Advised EAB Group on its listing on the Official List of Nasdaq Helsinki.
  • Advised Oma Savings Bank on its IPO on Nasdaq Helsinki.
  • Advised Nordea Bank as financial adviser on the combination of Metso and Outotec as the arranger of €1.55bn back-up facilities for Metso.

Castrén & Snellman

Castrén & Snellman handles work across the full range of capital markets matters including IPOs, debt and equity transactions and public tender offers, and acts for a number of high-profile financial institutions, banks, and insurance companies including OP Corporate Bank, BNP Paribas and Ilmarinen Mutual. 'Experienced' practice co-heads Merja Kivelä and Janne Lauha are widely praised for their expertise, while senior associate Anna-Maarit Laurila is also singled out as a 'young talent'. In a recent highlight, the practice led advice to Danske Bank and Carnegie Investment Bank on Oma Savings Bank’s IPO on the official list of Nasdaq Helsinki.

Practice head(s):

Merja Kivelä; Janne Lauha


Janne Lauha at Castren & Snellman is the number one individual for banking and finance work in Finland!

Castren’s capital markets team a has very pragmatic and hands-on attitude on assignments making co-operation easy to work. The team’s vast experience is reflected in its ability to respond quickly with solutions in complex special situations.

Both Janne Lauha and Merja Kivelä are partners that are easy to recommend to potential new clients. Their ability to orchestrate the team to provide best possible service to clients is excellent.

Senior associates Anne-Maarit Laurila and Aksu Tuominen are both future talents for Castren. They are easy to work with and they are able to deliver solutions independently which is crucial on fast moving and demanding projects.

Key clients

OP Corporate Bank

Danske Bank A/S

Central Bank of Savings Banks Finland

BNP Paribas

Carnegie Investment Bank

Cevian Capital Partners Ltd

Ålandsbanken Abp

United Bankers Plc

Caverion Corporation

NoHo Partners Plc

Efore Plc

Ilmarinen Mutual Pension Insurance Company

KONE Corporation

YIT Corporation

Efore Oyj

Work highlights

  • Advised Nordea Bank on the Finnish law elements of its re-domiciliation from Sweden to Finland.
  • Advised Danske Bank and Carnegie Investment Bank as bookrunner on Oma Savings Bank’s IPO on the official list of Nasdaq Helsinki.
  • Assisted NoHo Partners and Smile Henkilöstöpalvelut with a transaction in which VMP purchased the share capital of Smile from NoHo Partners and the minority shareholders.


Roschier has a strong offering across debt and equity capital markets transactions, with recent work including IPOs, private equity issues, and share recapitalisation work; it also recently advised a consortium led by ANTA on the €4.6bn public offer for Amer Sports. Other clients include international banks and investment funds. The practice is jointly led by the key combination of Antti IhamuotilaHelena ViitaJohannes Ahti, and Jonne Järvi, who joined from Castrén & Snellman in mid-2018, bringing significant experience in project and acquisition financing work. Senior associate Laura Huomo is also noteworthy. Gunnar Westerlund retired.

Practice head(s):

Antti Ihamuotila; Helena Viita; Johannes Ahti; Jonne Järvi

Key clients

Loxam S.A.S

Tieto Corporation

Investor consortium led by ANTA Sports Products Limited

AS Tallink Grupp

Kojamo Plc

Orkla ASA


Outokumpu Oyj

CapMan Plc

Bank of America Merrill Lynch

Skandinaviska Enskilda Banken and Nordea

Work highlights

  • Acted for Loxam on the €970m public tender offer for Ramirent.
  • Advising an investor consortium led by ANTA Sports Products on the €4.6bn public offer for Amer Sports.  
  • Advised Tallink Grupp on the listing of its shares via Finnish depository receipts on Nasdaq Helsinki, comprising €723m in market capitalisation.

Asianajotoimisto White & Case Oy

Mikko Hulkko heads up the practice at White & Case LLP, which acts across the full range of capital markets work including debt, equity and hybrid transactions for issuer and underwriter clients. The firm's international network ensures notable expertise in high-value, multi-jurisdictional deals from its Helsinki office; it recently handled the €3.9bn merger of Metso Materials and Outotec, which involved a reverse takeover and involvement from several of the firm's offices across Europe and the US. Petri Avikainen is recommended for his work in high-value capital markets transactions in Finland. Petri Haussila has retired.

Practice head(s):

Mikko Hulkko


‘Strong team across multiple locations. Good experience.’

The team is very proactive and willing to also handle non-legal issues. They take an active view on project and timetable management and we have really come to rely on them for a smooth process.

Key clients

Metso Corporation

Nordea Bank Abp

Stora Enso Oyj


Solidium Oy

Finnish State Ownership Steering Department

Basware Corporation

JP Morgan

SRV Group

SATO Corporation

Danske Bank A/S

Outokumpu Oyj

Pohjolan Voima

Work highlights

  • Advising Metso on the merger of Metso Minerals and Outotec, forming Metso Outotec.
  • Advising Nordic Railways on its sale of ordinary shares in Neste through an accelerated bookbuild offering to Finnish and international investors totalling €105m.
  • Advising SRV Group on its offering of  €58m capital notes offered mainly to institutional investors in a private placement process and the simultaneous cash tender offer for its existing €45m hybrid bond and €100m notes.

Dittmar & Indrenius

Dittmar & Indrenius advises on the capital market elements of high-value transactions for a roster of major clients including Anamered Investments, CapMan and Telenor; the group also handles regulatory compliance issues and fintech transactions. Other notable mandates include assisting banks with bonds programmes, structured notes issuances, and acting for alternative investors. Practice co-heads Juha-Pekka Mutanen and Hanna-Mari Manninen are experienced in debt and equity capital markets transactions, and securities and regulatory mandates.

Practice head(s):

Juha-Pekka Mutanen; Hanna-Mari Manninen

Key clients

Telenor ASA

Anamered Investments

Bank of Åland Plc

Nooa Savings Bank

CapMan Plc

ETF Securities (UK) Limited


Work highlights

  • Advised Telenor Group on its acquisition of and public tender offer for all shares in DNA.
  • Advised the Bank of Åland on renewing and revising its €2bn MTN and covered bond programme.
  • Assisting Finnish Savings Banks with public issuances of structured notes.

Hannes Snellman

Hannes Snellman's capital markets experience encompasses IPOs, equity and debt offerings, private placements, buy-backs, and regulatory advice. The group counts issuing companies, financial advisers, and investment funds as clients and has increased its market presence in the field of public tender offers; it advised Ramirent on a €970m recommended public cash tender offer by Loxam. The practice is led by Klaus Ilmonen, who is an expert in equity capital markets and public takeovers, with other partners in the practice including Johan Aalto and Mikko Heinonen focusing on corporate M&A and financing transactions.

Practice head(s):

Klaus Ilmonen


One feature of Hannes Snellman’s ECM practice that stands out is its breadth and depth of experience. They have been around the block and as a client you know.

Klaus Ilmonen is the brilliant head of the practice, but the team wouldn’t be completed without his lieutenants and great colleagues, who challenge and spar with him. The advice of the Antti Kuha is ever relevant and to the point, taking the commercial needs into the mix – in any capital markets matter he is someone you definitely want on your team.’

Key clients

Adapteo Oyj

Ahlstrom-Munksjö Oyj

Altia Oyj

Asiakastieto Group Oyj

Cramo Oyj

EQT Partners Oy

Faron Pharmaceuticals Ltd

Fiskars Corporation

Glaston Corporation

Kildare Partners

Outotec Oyj

Pöyry Oyj

Ramirent Oyj

Sampo Oyj

Terveystalo Plc

YIT Corporation

Work highlights

  • Advised Ramirent on a recommended public cash tender offer by Loxam to purchase all of its issued and outstanding shares, valued at €970m.
  • Advised Ahlstrom-Munksjö on its €150m rights offering.
  • Advised Corbis, Procurator-Holding, Mariatorp and Wipunen Varainhallinta on a directed share issuance totalling €11m.


Krogerus has continued its growth in capital markets mandates with recent work including acting on equity and debt capital markets matters for issuers and underwriters, as well as advising on regulatory compliance issues, public listings and tender offers. The practice is led by well-regarded transactional lawyer Tom Fagernäs, who maintains a broad portfolio of capital markets work, while Mårten Knuts is highly recommended for his advice on complex regulatory compliance matters and securities work.

Practice head(s):

Tom Fagernäs


Technically skilled, dedicated and good to work with.

The team really masters the substance and is able to give reasoned advice. The communication and cooperation with the team has always been easy and straightforward.

Mårten Knuts is undisputed as number one in securities market law knowledge and has an in-depth understanding in Finland. He combines academic level knowledge with practical advice in a unique way that can only be admired and valued by his clients. He truly understands the business of the client and his advice goes well beyond the traditional legal advice. Therefore, he is not only valued as an adviser by lawyers but also the business people and CFOs. He is also very pleasant to work with and always arranges availability when needed.’

Key clients


UPM Corporation

Nokia Corporation

Kesko Corporation

Neste Plc

HKScan Corporation

Danske Bank A/S

Lehto Group Plc

Suomen Hoivatilat Plc

Work highlights

  • Advised special investment fund eQ Finnish Real Estate (AIF) on its inaugural €100m issuance of senior secured notes.
  • Advised HKScan on its public equity offering of €72m.
  • Advised HKScan on the private placement of a new €40m hybrid bond.

Avance Attorneys Ltd

Avance Attorneys Ltd handles a range of capital markets matters including public transactions, block trades, IPOs, bond issuances, and dual-track private equity exits. Practice head Robin Nordblad is an experienced transactional lawyer with a particular focus on financing and debt capital markets work.

Practice head(s):

Robin Nordblad

Key clients


Kotipizza Group Oyj

Terex Corporation

Elenia Group

The Bank of Åland Plc

Next Games Corporation

Rettig Group Ltd

Alexandria Financial Services

CVC Capital Partners


Work highlights

  • Advised Kotipizza Group on Orkla’s recommended public cash tender offer for all shares.

DLA Piper

DLA Piper specialises in advising clients on medium-term note (MTN) programmes, and recently advised four Finnish issuers on programmes worth a combined €40bn. Additionally, the team is a key name for green bond work and was involved in the first green bond issuances in Finland, and also advises on debt issuances, structuring work and regulatory compliance matters. The practice is led by Mikko Ojala, who combines extensive experience in MTN programmes with knowledge of bond issuances, international fund investments and derivatives.

Practice head(s):

Mikko Ojala

Key clients

The International Swaps and Derivatives Association

Avidly Plc

Sotkamo Silver AB

Sotkamo Silver Oy

Wulff Group Plc

Work highlights

  • Advising Fingrid on the dual listing of its €1.5bn debt issuance programme on the London Stock Exchange and Euronext Dublin.
  • Advising Avidly on its acquisition of Nitroid and its subsidiaries through a share exchange.
  • Advising Picosun on a €12m capital raising.

Waselius & Wist

Waselius & Wist combines expertise in IPOs, public tender offers, bond issuances and private placements with a strong focus on regulatory advice relating to securities, hybrid instruments and other alternative investments. Clients include major international banks and financial institutions, with key examples including Santander and Goldman Sachs. The practice is now led by cross-border specialist Timo Lehtimäki following Tarja Wist's departure. Maria Lehtimäki became a partner in early 2020, specialising in cross-border financing, transactions, and associated regulatory elements.

Practice head(s):

Timo Lehtimäki


The team has very good industry knowledge. They work quickly and efficiently and provide clear advice.

Key clients

Goldman Sachs

ING Bank N.V.

The Royal Bank of Canada

Société Générale Group

BNP Paribas

Work highlights

  • Advised BNPP and Citibank on the Finnish law aspects of the multi-jurisdictional securitisation of Lenovo’s trade receivables.
  • Advising Credit Suisse on structured products for the issuance of notes, warrants and certificates.
  • Advising the Royal Bank of Canada on several public offers of equity and index-linked securities totalling $40bn.