Capital markets in Sweden

Baker McKenzie

Baker McKenzie is predominantly engaged on equity capital markets transactions; the team is spearheaded by Joakim Falkner, who also helms the firm’s entire EMEA capital markets group out of Stockholm, and advises on a large proportion of Sweden’s top-dollar IPOs, including SPACs. Henric Roth and Stefan Balazs assist with a range of capital-raising exercises including direct share issuances and preferential rights offerings, acting on behalf of a client roster that features Sweden’s foremost investment banks.

Practice head(s):

Joakim Falkner

Other key lawyers:

Henric RothStefan Balazs


‘Very experienced and knowledgeable. High work ethics. Easy to contact.’

‘Knowledge and flexible.’

‘Joakim Falkner is very easy to work with.’

Key clients

Aligro Partners Acquisition Company AB

Tbd30 AB

Permascand and Norvestor

Enad Global 7

Embracer Group



Readly International

Nilar International AB

Carnegie Investment Bank

ABG Sundal Collier


Pareto Securities

Kempen & Co


Handelsbanken Capital Markets

Morgan Stanley


JP Morgan


Work highlights

  • Acted for Readly and Zouk Capital LLP in connection with the IPO of Readly on Nasdaq Stockholm.
  • Acted for JP Morgan, SEB, Handelsbanken, Carnegie and Danske Bank in Sinch’s SEK9.4bn primary issuance of shares. This was the largest private placement of shares by a listed company ever in the Nordics.
  • Acted for Aligro Partners Acquisition Company on the first US-influenced SPA IPO in Sweden.

Bird & Bird

Led by Ola Lidström, Bird & Bird‘s equity capital markets practice acts for corporate issuers across a diverse range of sectors, including the medtech, mining, technology and oil and gas industries. The team advises on rights issuances on the main and growth segments, as well as cross-border issuances on London’s AIM platform.

Practice head(s):

Ola Lidström

Key clients

Beowulf Mining plc

Discover Echo, Inc.

Eurobattery Minerals AB (Orezone AB)

RNB Retails and Brands AB

Irisity AB

EnQuest PLC

QP Games AB

ChromoGenics AB

Greater Than AB Group AB

Iconovo AB

Work highlights

  • Represented ChromoGenics AB in connection with its SEK94.1m rights issuance of units on Nasdaq First North.
  • Represented Beowulf Mining plc in connection with its £7.3m open offer and SEK56.7m rights issuance on AIM and Spotlight Stock Market.
  • Represented Group AB on its SEK45m initial public offering on Nasdaq First North.

Advokatfirman Cederquist KB

The equity capital markets experts at Advokatfirman Cederquist KB recently closed numerous impressive transactions including large-cap IPOs, SPAC listings and multibillion-dollar share distributions among existing shareholders. The trio of Tone Myhre-Jensen , Fredrik Lundén and Wilhelm Lüning jointly lead the team. While predominantly acting for issuers, the group also advises investment banks on underwriting procedures.


‘A very low key, easy to work with gender diversified team which provides fast and spot on legal advice which easily can be applied in the business.’

‘One of the best available legal teams in the capital markets field. Great network and contacts with regulators and supervisory authorities. Highly knowledgeable and always best possible attention.’

‘Outstanding individuals in the field. Wilhelm Lüning and Fredrik Lundén stand out as two of the best practitioners in Sweden.’

‘Cederquist’s capital markets team is very knowledgeable and has great availability. They seem to have a tight relationship with Nasdaq Stockholm which is much appreciated.’

‘Fredrik Lundén is business-minded, solution oriented and very knowledgeable while still being down to earth.’

Key clients

Kinnevik AB

Tele2 AB

Modern Times Group MTG AB

Bonava AB

Kungsleden AB

Cloetta AB

Dustin Group AB

Addnode Group AB

Nelly Group AB

Collector Bank


Autoliv AB

BillerudKorsnäs Aktiebolag


Nyfosa AB

Scandic Hotels AB

AFRY (former ÅF Pöyry AB)

Acast AB


Footway Group AB

Creaspac AB

Immunicum AB

Work highlights

  • Acted as legal adviser to ACQ Bure AB, a Swedish SPAC, in connection with its SEK3.5bn IPO and listing on Nasdaq Stockholm.
  • Advised Kinnevik AB on the distribution of its shareholding in Zalando SE to Kinnevik’s shareholders. The deal represented a value of SEK45.8bn.
  • Advised Nordnet AB in connection with its IPO and listing on Nasdaq Stockholm.

Cirio Advokatbyrå AB

In a recent highlight for Cirio Advokatbyrå AB‘s capital markets group, team co-head Annika Andersson acted on Scandinavian Biogas Fuels International’s market-first IPO listing of dark green shares on Nasdaq’s premier growth market. The team also conducts directed share issuances, public M&A work and share buybacks. Carl Axel Morvay and co-head Dennis Luttropp Hansson lead on debt capital markets mandates, including high-yield green bond issuances.

Other key lawyers:

Carl Axel Morvay 


‘The Team is lead by Annika Andersson. She is experienced, pragmatic and responsive.’

‘Professional and skilled personnel with a broad network. Problem solving oriented. Available when needed. Well structured and proactive.’

‘Very efficient in billing and happy to accommodate client needs.’

‘Carl Axel Morvay is very commercial, in tune with the market, practical and ultra responsive. He is an asset to the firm.’

‘Cirio has been of excellent assistance during different phases of the company development.’

Key clients


AB Sagax

Abliva AB

Karolinska Development AB

GHP Specialty Care AB

Green Landscaping Group AB


Scandinavian Biogas Fuels International AB

Artificial Solutions International AB

TagMaster AB

Intervacc AB

Annexin Pharmaceuticals AB

Netmore Group AB

Work highlights

  • Advised ABB on the Swedish aspects of its follow-up share buyback program of $4.3bn that was launched following the completion of the divestment of ABB’s Power Grids business to Hitachi.
  • Advised Scandinavian Biogas Fuels International in connection with the listing of the company’s shares on Nasdaq First North Premier Growth Market, with a total offering of SEK586m. Scandinavian Biogas is the first company to list dark green shares on Nasdaq Nordic.
  • Advised BEWI on its NOK4.5bn IPO on the Oslo Stock Exchange.

Advokatfirman Delphi

Advokatfirman Delphi is highly active in the mid-cap capital markets segment, with practice co-heads Mats Dahlberg and Christoffer Mangelus leading on IPOs, private equity backed share offers and SPAC listings. Though mainly acting for issuers, particularly in the life sciences sector, the group is increasingly advising underwriters. The recent recruitment of specialist counsel Annika Melin Jakobsson, who brings extensive experience as a capital markets partner in numerous Big Four accounting firms, greatly enhanced the team’s knowledge of associated governance, risk management and compliance matters.

Other key lawyers:

Annika Melin Jakobsson

Key clients


Verdane Capital

Standout Capital

Momentum Group


AddLife AB


Train Alliance Sweden

Netmore Group


Akelius Residential Property AB

ieye AB



Advokatfirma DLA Piper Sweden KB

Advokatfirma DLA Piper Sweden KB‘s equity capital markets group acts for issuers across the technology, medtech, retail and real estate sectors, among others. Practice head Richard Folke, newly promoted partner Anna Berntorp, Peder Grandinson and Emma Norburg are the notable names. Ongoing matters include mid-market IPOs, growth-to-main listing transfers and public takeovers.

Practice head(s):

Richard Folk


‘Excellent service and skill. Pleasant to work with and very good personalities.’

‘The service is excellent, good knowledge and always top of mind. Well prepared, good integrity and always with a big smile. Anna Berntorp is a favourite.’

‘Highly dedicated, educated and motivated to tackle the issues presented to them. Short lead and turn around time with clear conclusions/recommendations when needed.’

‘Peder Grandinson is extremely service oriented and always strives to deliver on short notice without compromising the result. He has also managed to get together a team with great capabilities within a broad variety of competences’

‘The performance from the team was extraordinary well executed with Peder Grandinson leading the team. I believe the team at DLA Piper has a pragmatic and time efficient way of working which stands out compared to other firms. This in combination with access and support from other skilled teams across relevant disciplines and geographies within the same firm makes it excellent i.e. a complete service offering with legal advice.’

‘Professional and service-oriented team that works hard to meet set deadlines.’

‘Peder Grandinson is hands-on, pragmatic and understands the client’s needs.’

Key clients

Stillfront Group

Svenska Nyttobostäder

Moment Group

PPG Industries

Advanced SolTech Sweden

Athanase Industrial Partner

Avanza Bank Holding



Alm Equity

SoltTech Energy Sweden

Tempest Security


Episurf Medical

NGS Group

Parans Solar Lighting

Venue Retail Group

Star Capital

Avida Holding

Eversheds Sutherland

Eversheds Sutherland‘s capital markets practice advises on private placements and rights issuances on Nasdaq’s Growth and Main markets. Joint practice heads Gabriel Albemark and Johan Engström receive instructions from corporate sponsors across the technology, financial services and life sciences sectors. Engström leads on IPOs for a diverse range of issuers, from CBD oil companies to digital media platforms. Philip Heilbrunn  also contributes.

Key clients

SciBase AB

Zordix AB

G5 Entertainment AB

Sprint Bioscience AB

NextCell Pharma AB

ZignSec AB


Invajo Technologies AB

Kollect on Demand Holding AB

Eyeonid Group AB

PiezoMotor Uppsala AB

Abelco Investment Group AB

Umida Group AB

Work highlights

  • Advised Stockholm-based regtech company ZignSec AB on its SEK141m private placement and acquisition of Web Shield.
  • Advised Uppsala-based tech company PiezoMotor Uppsala AB on its SEK100m private placement in connection with its acquisition of Finnish Sensapex OY for SEK138m.
  • Advised Stockholm-based life sciences company NextCell Pharma AB on its SEK150m rights issuance on Nasdaq First North Growth Market.

Gernandt & Danielsson Advokatbyrå

Gernandt & Danielsson Advokatbyrå's equity capital markets group recently conducted numerous high-profile deals in the technology and financial services sectors, handled by practice co-heads Fredrik Palm and Carl Westerberg. Other regular instructions pertain to preference share issuances, public takeovers and headline IPOs, acting for a client portfolio comprised of leading banks, financial institutions and multinational corporations, and recent mandates encompass recapitalisations, hybrid note issuances and multibillion-SEK medium term note programmes, including market-first high-yield issuances. Debt capital markets experts include co-head Mikael Borg, Sofie Viktorsson and senior associate Mikael Bolling.


‘Best lawyers with great advice. Not the cheapest but still worth their weight in gold.’

‘Daniel Sveen is fantastic. All the best recommendations to him. Best lawyer I have worked with. Fredrik Palm is also great. Very professional.’

Key clients

Ework Group AB

Cint Group AB

Sinch AB

Fasadgruppen Group AB

Carnegie Investment Bank AB and Swedbank AB

Nordea and Swedbank

Carnegie Investment Bank AB and Joh. Berenberg, Gossler & Co. KG

Carnegie Investment Bank AB, Goldman Sachs International and Joh. Berendberg, Gossler & Co. KG

Genova Property Group AB

Haldex Aktiebolag

Goldman Sachs and DNB Markets

Catena Media plc

Moberg Pharma AB/OncoZenge AB

Flexion Mobile Plc

Xvivo Perfusion AB

Modern Times Group MTG AB

Nordstjernan AB

Volati AB

Pierce Group AB

Work highlights

  • Advised Cint Group AB on its IPO and listing on Nasdaq Stockholm.
  • Advised Sinch AB in connection with three different equity capital markets transactions.
  • Advised the initial purchasers Fasadgruppen Group AB in connection with the offering by Clear Channel International of $375m senior secured notes.


Large Swedish and multinational investment banks frequently engage Hammarskiöld‘s capital markets practice on bookrunning exercises on Nasdaq’s Growth and Main markets. Practice head Carl-Johan Pousette also acts for corporate issuers on IPOs and equity placements. Rasmus Fahlén recently joined from Advokatfirman Westermark Anjou AB to lead the debt capital markets offering with Mattias Anjou; key areas of debt expertise include advising on high-yield bonds and structured products.

Key clients

Skandinaviska Enskilda Banken AB

DNB Markets, en del av DNB Bank ASA, filial Sverige

Scania CV AB

Bauer Media Group / Zmarta Group

Carnegie Investment Bank AB

Samhällsbyggnadsbolaget i Norden AB

Atvexa AB

JP Morgan Securities plc


Citigroup Global Markets Europe AG

Danske Bank A/S, Danmark, Sverige Filial

Devyser Diagnostics AB

Skandinaviska Enskilda Banken (SEB)


Nordic Trustee

Vacse AB

Fabege AB

Scandinavian Credit Fund

Arctic Securities

Linc AB

Hannes Snellman

Hannes Snellman fields an active capital markets practice across the debt and equity sections. For the latter, Christopher Saidac and Ola Åhman lead on IPOs, public tenders and private placements on behalf of foreign and domestic sponsors. Practice head Mattias Friberg and Fredrik Olsson handle debt-side mandates, including high-yield bond offerings, real estate-backed bonds, LBOs and green bonds for high-profile bookrunners and issuers.

Practice head(s):

Mattias Friberg


‘Great value for money. Fantastic approach to the client.’

‘Ola Åhman is the absolute best partner in this area.’

‘Expertise in different areas, high degree of service and always delivers on time, understands client’s business and related legal issues.’

‘Understanding of business. Proactive in identifying and resolving legal matters.’

‘Being there when we need them the most anytime of the day or night and in a practical and reassuring way. Quick responses and good advice at the right time.’

‘Both Mattias Friberg and Khaled Talayhan have supported us greatly during the year in the challenges we have faced with new owners and refinancing. The advice has been accurate and down-to-earth so we as non-capital market persons can understand and act correctly. Even in stressed situations they have been calm and helpful in a great way.’

‘The team is able to give advice covering multiple jurisdictions.’

‘Mattias Friberg can translate the law into practical guidance in specific situations.’

Key clients

Polygon AB


Stirling Square Capital Partners LLP

Logent Group

NP3 Fastigheter AB

Mekonomen AB

Terveystalo Plc

Areim AB

Holmströmgruppen AB

Eltel AB

Episurf Medical AB

Koch Industries, Inc

Savaria Corporation

Paradigm Capital


Spa Holdings 3 Oy / Ahlstrom Capital

Vitec Software Group AB

Adapteo Plc

Magnesium Capital

Oasmia Pharmaceutical AB

Copperstone Resources AB

SpectrumOne AB

Work highlights

  • Advised Mekonomen AB on its issuance of senior unsecured bonds of SEK1.2bn, within a frame amount of SEK2bn, and the listing of the bonds on Nasdaq Stockholm.
  • Advised the consortium led by Paradigm Capital Value Fund SICAV and the joint acquisition vehicle Peutinger AB on its €330m mandatory public cash offer for Internationella Engelska Skolan, listed on Nasdaq Stockholm.
  • Advised Savaria Corporation on its €290m recommended public offer for Handicare Group AB, listed on Nasdaq Stockholm.

Advokatfirman Lindahl KB

Advokatfirman Lindahl KB advises corporate sponsors across all major sectors on equity capital markets issuances on the Main, Growth and Spotlight markets. Key partners include team head Dennis Westermark, Monica Lagercrantz, Mattias Prage and Helena Lindbäck, whose expertise is applied to mid and large-cap IPOs, equity listings and public takeovers. Sten Gejrot leads on debt capital market transactions; recent deal highlights included green and sustainable bond issuances.

Practice head(s):

Dennis Westermark


‘The team was our legal adviser preparing for and during an IPO in Sweden. The core team worked very well, was attentive, fast in action and replies. Good advice, good writing skills.’

‘They really engage as a team also letting the associates step up in the relationship to the client.’

‘A unique combination of a broad range of legal knowledge combined with specific top class knowledge in specific fields. This with a common sense to not complicate things.’

‘The team is very competent and flexible. They have a great understanding of the client’s needs and demands.’

‘The always put the client first and have their best interest in mind. Solution oriented.’

Key clients


Acando AB

AegirBio AB

Allenex AB


Beijer Alma AB

BioArctic AB

Biosergen AB

Boule Diagnostics AB

Bredband2 i Skandinavien AB

Brinova Fastigheter AB

Byggmax Group AB

Capacent Holding AB

Charge Amps AB

Chromogenics AB

Clavister Holding AB

OXE Marine AB

Coeli Private Equity AB


Eurocine Vaccines AB

FormPipe Software

Fortnox AB

FundedByMe Crowdfunding Sweden AB

Hanza Holding AB

Helios Investment Partners

HomeMaid AB

Hoylu AB

IDL Biotech AB

IMINT Image Intelligence

ISR Immune System Regulation Holding AB

Ivisys AB

International Finance Corporation (IFC)

Karolinska Development AB

K2A Knaust & Andersson Fastigheter AB

Klövern AB

Mackmyra Svensk Whisky AB


Miris Holding AB

Millicom International Cellular S.A.

Nanologica AB

Nolato AB

Pharmacolog i Uppsala AB

Egetis Therapeutics AB

Prevas AB

Q-linea AB

Qiiwi Games AB

Redsense Medical AB

ScandiDos AB

Senzime AB

Spotlight Stock Market

SHH Bostad AB

Signatur Fastigheter AB

Spectracure AB

Svolder AB

Swedencare AB

TagMaster AB

Tieto Corporation

VBG Group AB

Veteranpoolen AB

Vitrolife AB

Nanexa AB

Ngenic AB

Work highlights

  • Advised Bredband2 i Skandinavien AB on its takeover offer to the shareholders in A3 Allmänna IT- och Telekomaktiebolaget valued at SEK621m.
  • Advised AegirBio AB on its ground-breaking merger with LifeAssays AB and cross-border acquisition of Abreos Biosciences, LLC, valued at SEK494m.
  • Advised Q-linea AB on its private placement valued at SEK301m together with ABG Sundal Collier, Carnegie Investment Bank and Kempen & Co as bookrunners.


Linklaters‘ capital market group is jointly led by Elisabeth Lundgren, Rasmus Kindlund and Fredrik Lindqvist, who handle IPOs and rights offerings for an even split of issuers and underwriters; the group's client roster spans the financial services, technology, consumer goods and media industries. Senior associate Nima Naderi assists with public M&A transactions, while practice co-head Patrik Björklund leads on debt capital markets deals, predominantly international high-yield bond work and EMTN programmes.

Other key lawyers:

Nima Naderi


‘Nima Naderi is a manifest brilliant lawyer and counsel. He is proactive, technically knowledgeable and takes responsibility and ownership of matters. As in-house counsel, you are often involved in a number of matters. With Nima as counsel, you know that no stones will be left unturned in order for you to receive the best possible outcome.’

Key clients

Nordea Bank AB


Danske Bank A/S

Deutsche Bank


Bank of America Merill Lynch

J.P. Morgan



DNB Bank

Work highlights

  • Advised a consortium of banks on the IPO and listing on Nasdaq Stockholm by Hemnet Group AB, Sweden’s largest property portal.
  • Advised Nordea Bank on Klövern’s rights issuance.
  • Advised Nordea Bank on Nordic Paper Holding’s IPO and listing on Nasdaq Stockholm.

Mannheimer Swartling

Mannheimer Swartling is a market leader in the large-cap equity capital markets segment, having carved out a reputation for advising blue-chip clients on high-profile transactions. The group's bench remains impressively deep despite team leader Eva Hägg’s recent retirement; practice chair Patrik MarceliusNina Svensson and Emil Boström capably handle large-cap rights issuances, IPOs, convertible bonds and dual listings for international corporate clients. As head of the debt capital markets practice, Thomas Pettersson advises arrangers, issuers and all other stakeholders on EMTN programmes, high-yield through to investment-grade bonds, securitisations and regulatory matters pertaining to capital issuances.

Other key lawyers:

Nina Svensson; Emil Boström


‘Very high level in technical skills. Tasks done by the most senior lawyers, gave us a very smooth process.’

‘Patrik Marcelius is dedicated and always available, extremely competent with broad regulatory experience and always delivers commercial advice.’

‘Stands out for individuals’ competencies within their respective fields, firm’s capacity to add resources to project when required, and the firm’s multiple practices implying one-stop-shop and without need for other parties.’

Key clients

AB Electrolux

AB Industrivärden

Danske Bank

DNB Bank

Nordea Bank

Saab AB

Sandvik AB





Svenska Handelsbanken AB

Swedish Orphan Biovitrum

Telefonaktiebolaget LM Ericsson


Volvo Cars


Work highlights

  • Advised SAS AB on a recapitalisation plan in order to address the effects of the Covid-19 pandemic.


Roschier‘s capital markets practice is equally strong in debt and equity transactions with the respective teams led by Johan Häger and Pontus Enquist. Häger is a prolific name in the high-yield segment, while Fredrik Rydin, Harem Mahir and Veronica Stiller lend their expertise to investment-grade and convertible bonds. Further equity capital markets experts include Ola Sandersson and Christoffer Benninge, who regularly advise on IPOs, right offerings, private placements and other equity-related issuances. The team recently collaborated on major cross-border recapitalisations and debt-to-equity conversions, and clients include issuers, underwriters, arrangers, subscribers, private equity sponsors and other stakeholders.

Practice head(s):

Johan HägerPontus Enquist


‘Experienced and forward leaning.’

‘Erik Persson is very knowledgeable and to the point.’

‘The team is flexible and well versed in the fields of their expertise.’

‘Very knowledgeable with a practical approach understanding the requirements of business.’

‘High-end, knowledgeable in their area.’

‘Tilda Rosengren – 24/7 availability, skilled, structured and confident throughout complex processes. Pontus Enquist – comfortable and calm in all situations. Solid.’

‘Understanding of our business and way of doing business. Proactive!’

‘Always a flying start. Always there fore you. Always willing to walk the extra mile. Never any loose ends left.’

Key clients

ABG Sundal Collier

Arctic Securities

Carnegie Investment Bank

Danske Bank



Nordic Fixed Income

Pareto Securities AB



Svenska Handelsbanken



Carnegie Investment Bank

Danske Bank

General Atlantic



Herkules/Linas Matkasse

Investor AB

Pareto Securities AB

Morgan Stanley, J.P. Morgan, Credit Suisse


Nordic Waterproofing


Sedana Medical


The Danish State

Volkswagen AG

Work highlights

  • Advised the underwriters led by Morgan Stanley, J.P. Morgan and Credit Suisse on Oatly Group AB’s $10bn IPO of American Depositary Shares on Nasdaq Global Select Market.
  • Advised the Danish state in connection with the recapitalisation of SAS.
  • Acted as legal adviser to Pareto Securities AB in connection with the €150m senior secured fixed rate bond issuance for Hawk Debtco Limited (controlled by AEA Investments).

Advokatfirman Schjødt

With seamless cooperation between the firm’s Swedish and Norwegian offices. Advokatfirman Schjødt‘s capital market’s team acts as underwriters’ counsel for leading multinational investment banks on IPOs and equity share offerings on the growth and main markets. Practice head Ylva Forsberg and Emil Hedberg act for issuers and private equity sponsors operating in a diverse range of sectors, including the cryptocurrency, life sciences and healthcare industries.

Practice head(s):

Ylva Forsberg

Other key lawyers:

Emil Hedberg


‘Ylva Forsberg. Delivers precise and clear legal advice with a commercial mindset. Great leadership and problem-solving skills. All in all a top adviser for equity capital markets related matters.’

‘High partner attention. Proactive work. Knowledgeable within the capital markets field.’

‘Easy access. Knowledgeable and efficient.’

‘Very strong team with a quite innovative approach. They have combined the ability to execute very large transactions with a good sense of how to approach smaller mandates while maintaining the best of both worlds.’

‘Emil Hedberg, a very strong practitioner. among the best young capital markets lawyers in Sweden.’

‘Dedicated team specialised in capital markets, which when doing an IPO is important.’

‘Very dedicated, available at all hours and knowledgeable about the subject matter. Most importantly, precise in their answers.’

‘Proactive team with short response times and a high level of knowledge.’

Key clients

Goldman Sachs

Carnegie Investment Bank

Danske Bank

ABG Sundal Collier

Morgan Stanley

Pareto Securities


Smart Wires Technology

Paradox Interactive



Wise Group

Wyld Networks

Empir Group



Solon Eiendom

Work highlights

  • Advised Goldman Sachs and Morgan Stanley as lead bookrunning managers and representatives of the underwriters, on the $406m offering of shares in the form of American Depository Receipts in Olink Holding AB and listing on Nasdaq Global Market.
  • Advised Solon Eiendom in connection with a series of transactions with SBB Samhällsbyggnadsbolaget and an offering of shares to the general public in Sweden and a parallel listing in Sweden.
  • Advised Smart Wires Technology on its SEK1.4bn private placement of shares in the form of Swedish Depository Receipts and listing on Nasdaq First North Growth Market.


Characterised by an emphasis on equity capital markets transactions, Setterwalls‘ extensive roster of domestic and international issuers instructs the group on main-market IPOs, public share offerings, public takeovers and private placements. Recent stand-out work saw co-heads Jörgen Axelsson and Ola Grahn  closing major deals in the pharmaceuticals sector, while co-head Marcus Nivinger led on impressive listings in the energy sector. The group is also highly active in the technology sector. Carl Lindencrona‘s debt capital market practice focuses on investment-grade issuances.

Other key lawyers:

Carl Lindencrona; Axel Helle


‘Ola Grahn is highly experienced, and delivered very strong and speedy support for us.’

‘Apart from being highly competent within capital markets, Setterwalls is always looking at tasks with solutions in mind. Setterwalls is also very good at presenting possible scenarios from a choice of different decisions. That guides us in our choices.’

‘The lead partner Ola Grahn can grasp many different angles/disciplines and not solely related to capital markets. That provides us with a good foundation for making robust decisions and the potential consequences of these decisions. He also has very high integrity.’

‘The team is very responsive and always available and very business- and solution oriented. Also, Setterwalls’ capital markets team is well-coordinated and work close together. The team also focus on the essential parts of the transaction and have the capability to think outside the box. Setterwalls always deliver high quality advice and always on time, even with extremely tight schedules and deadlines. The team offers follow-up sessions after larger transactions and takes care of our data room between projects and keeps it up-to-date.’

‘Marcus Nivinger is our go-to person and trusted adviser in all capital markets and M&A matters. He is very experienced and knowledgable, in particular within ECM and also very accessible and always delivers quality and steers the project in the right direction. He is also a very inventive lawyer and solution oriented. Also Jörgen Axelsson, partner, and Axel Helle, senior associate, are very solid, reliable and available.’

‘Local and highly competent and service minded firm. Always easy to get in touch with, and get the job done. Always engage and propose other solutions that serve us better. Super efficient handling. Provides safety.’

‘Knowledge, availability and efficient handling. High Service level. Creativity.’

Key clients

Fastighets AB Balder

Knowit AB

Bulten AB


Arise AB


Ascelia Pharma


Maha Energy AB

Better Collective


Alligator Bioscience

Sivers Semiconductors

IAR System


InDex Pharmaceuticals Holding AB

GomSpace Group AB

AAC ClydeSpace AB

Wästbygg Gruppen AB

Thunderful Group AB

Rejlers AB

EWPG Holding AB (Eco Wave Power Ltd.)

Maxar Technology Inc

Agile Content SA

Work highlights

  • Advised Recipharm’s founders in connection with the SEK24.9bn public takeover bid for Recipharm together with EQT IX.
  • Advised HiQ International AB in connection with the SEK4bn public takeover bid from Triton Fund V, through Trisall AB.
  • Advised Fastighets AB Balder in connection with its Euro medium term note programme for 2021.

TM & Partners

Led by Johan Wigh, TM & Partners‘ equity capital markets group handles a broad range of mandates including stock exchange listings, public takeovers, capital raisings and restructurings. The practice’s client roster spans domestic and global listed companies, private equity and venture capital funds, investment banks and other stakeholders. Sandra Broneus also contributes to the firm’s equity work.

Practice head(s):

Johan Wigh 

Other key lawyers:

Sandra Broneus

Key clients

Adventure Box Technology AB

Arcane Crypto AB

Arla Plast AB

CDON AB and Nelly Group AB

Freemelt Holding AB

Frill Holding AB

Hans and Barbara Bergström Foundation

Inission AB

LL Lucky Games AB

Oasmia Pharmaceutical AB

Prime Living AB

SaltX Technology Holding AB

Saxlund Group AB

Wicket Gaming AB

Work highlights

  • Advised Arla Plast AB in connection with its listing on Nasdaq Stockholm.
  • Advised Arcane Crypto AS in connection with the reverse acquisition through which Vertical Ventures AB acquired all shares in the Norwegian company Arcane Crypto AS, where the consideration consisted of newly issued shares in Vertical Ventures.
  • Advised the Hans and Barbara Bergström Foundation on the mandatory public cash offer for Internationella Engelska Skolan i Sverige Holdings II AB.

Advokatfirman Vinge

Praised as a leading outfit across the whole capital markets spectrum, Advokatfirman Vinge's practitioners act as expert advisers to corporate issuers, PE sponsors, investment firms and multinational financial services institutions. On the equity side, Jesper Schönbeck, Erik Sjöman and Anders Strid (who lead the Stockholm, Malmö and Gothenburg teams respectively) handle IPOs, directed share issuances, securitisations and public takeovers, as well as advising on the related regulatory and disclosure requirements. Co-head Mikael Ståhl spearheads the debt capital markets offering, focusing on EMTN programmes, domestic and international high-yield and investment-grade bonds, and hybrid debt/equity offerings.


‘Extremely good availability and response times. You can always rely on the Vinge team being able to quickly jump in to an assignment.’

‘Louise Brorsson-Salomon is a valuable partner in tough negotiations and handles all assignments in a professional and structured manner.’

‘Absolutely top of the market in terms of quality, problem solving, market knowledge and client management.’

‘Vinge Stockholm has the number one capital markets group in Sweden. They are part of almost all major transactions and are in the forefront of new legislation and questions that relate to the Swedish Securities Counsel.’

‘Erik Sjöman – the number one adviser regarding capital markets practice in Sweden. Erik is connected to most of all listed companies and is part of or involved in almost all matters on the market. In addition, Erik is very close to the academic and legislative work that is always ongoing in the Swedish capital markets and he also follows current case law closely.’

‘Very close to market and business understanding approach, able to benchmark market practices and standards, always well ahead when it comes to new legislation and implementation. Keen on informing me as a client of relevant news and changes in applicable legislation.’

‘Charlotte Levin, partner at the Stockholm office, outstanding when it comes to companies law and capital markets legislation and interpretation. Always available and generous with providing advice and always proactive.’

Key clients

Nordea Bank


Svenska Handelsbanken AB

Skandinaviska Enskilda Banken AB

Goldman Sachs

Morgan Stanley & Co. International plc


Deutsche Bank AG

Crédit Agricole

Barclays Bank

Lantmännen ek för


JP Morgan


UBS Limited

Danica Pension, Livsforsikringsaktieselskab (Danica)

Lendify AB

Marginalen Bank Bankaktiebolag

Sparbanken Skåne AB

ZetaDisplay AB

Lifco AB

Latour Capital

Essity Aktiebolag

ESSVP IV / Orlando Nordics AB

Citigroup Global Markets Limited

Nordea Bank Abp

Ambea AB

Vostok New Ventures Ltd

Swedish State



Investor AB

Peab AB

AB Volvo

Azelio AB

Tele2 AB

Pandox AB

NatWest Markets N.V.

Work highlights

  • Acted as legal advisers to Crédit Agricole Corporate and Investment Bank, HSBC FranceNomura International plc, Svenska Handelsbanken and others in connection with the Stadshypotek’s issuance of €1bn covered bonds due 2028 under the issuer’s €20bn EMTCN Programme.
  • Advised Morgan Stanley & Co. International plc and the other arranging banks consisting of Barclays Bank, Citigroup Global Markets Limited, J.P. Morgan Securities and Svenska Handelsbanken on Svenska Handelsbanken’s issuance of Additional Tier-1 contingent convertible notes.
  • Advised EQT in connection with its inaugural €500m sustainability‑linked bond maturing in 2031.

White & Case Advokat AB

The equity capital markets group at White & Case Advokat AB receives a high volume of mandates from an extensive roster of private equity sponsors and investment banks, for which practice co-heads Rikard Stenberg and Johan Thiman advise on all equity listings and IPOs, including SPAC-driven listings. Leading on debt capital markets matters, Michael Bark-Jones and Carl Hugo Parment handle high-yield and investment-grade bond listings for arrangers, sponsors and issuers.

Practice head(s):

Rikard Stenberg; Johan Thiman


‘Highly experienced and high level of partner involvement. Easy to access.’

‘Johan Thiman and Rikard Stenberg are very knowledgeable within the field and deliver a very solid product.’

‘They work very closely with you and are responsive to all questions.’

Key clients

Verlinvest S.A / Oatly

Nordic Entertainment Group (NENT Group)

Carnegie Investment Bank AB

Nordea Bank Abp

ABG Sundal Collier

Skandinaviska Enskilda Banken

ABG Sundal Collier

Jefferies International Limited

Nordea Bank Abp

DNB Markets

J.P. Morgan


Citigroup Global Markets AG


Summa Equity

Danske Bank

H&M Hennes & Mauritz AB

Pareto Securities


Nordic Capital

Vizrt Group AS

FSN Capital


Work highlights

  • Advised Skandinaviska Enskilda Banken AB and Nordea Bank on the directed share issuance of SEK3.3bn by Dometic Group AB.
  • Advised Carnegie Investment Bank, DNB Markets, Cowen and Company, J.P. Morgan and Kempen on the directed share issuance of SEK1.1bn by Oncopeptides, a pharmaceuticals company developing drugs for the treatment of cancer.
  • Advised Nordic Entertainment Group, the Nordic region’s leading streaming company, on the SEK4.3bn directed share issuance to Swedish and international institutional investors.