Capital markets in Sweden

Gernandt & Danielsson Advokatbyrå

Mikael Borg and Fredrik Palm lead Gernandt & Danielsson Advokatbyrå’s capital markets practice, which acts on complex transactions in the market including mandatory public offers, hostile and friendly takeovers and high-value IPOs, for issuer and underwriter clients. Recent debt transactions include green bond issuances and senior secured listings; the team, which also includes Carl Westerberg, Candra Torebring and newly promoted partner Sofie Viktorsson, provides regulatory guidance to global corporates, financial institutions and public authorities.

Practice head(s):

Mikael Borg; Fredrik Palm


Great insights, expertise and experience.

Fredrik Palm is very responsive and has a pragmatic and business-oriented approach.

Key clients

Goldman Sachs

Morgan Stanley




Handelsbanken Corporate Finance

Carnegie Investment Bank

Danske Bank

Lundin Petroleum

ICA Gruppen AB/ICA-handlarna

ABG Sundal Collier

General Electric

Volati AB

Modern Times Group MTG AB

Eniro AB

Nordic Entertainment Group AB

Heimstaden AB


Catena Media

Sony Music

Work highlights

  • Advised Carnegie Investment Bank and Nordea Bank as underwriters of THQ Nordic’s SEK2.1bn private placement of shares.
  • Advising Modern Times Group (MTG) on the distribution of shares in Nordic Entertainment Group to MTG’s shareholders, then subsequent listing on the main market, following a demerger.
  • Advised Radisson Hospitality on the mandatory public offer made by its shareholders by a consortium led by Jin Jiang International.

Mannheimer Swartling

Noted for its ‘extensive experience and knowledge’, Mannheimer Swartling provides its client base with capital markets advice across the full range of transactions. Leading on equity mandates, co-head Eva Hägg and Patrik Marcelius handle high-profile rights issuances on the main market for leading industrial names, while Nordic private equity houses instruct Nina Svensson and Emil Boström on complex transactions including dual track exits. Debt capital markets mandates are handled by co-head André Andersson and co-head Thomas Pettersson, who assist underwriters and issuers. Recent highlights included green bond issuances on the Sustainable Bond Market and high-value MTN programmes, which are handled by Zoran Stambolovski.


Mannheimer Swartling has an extraordinary team which covers all areas of practice within capital markets and is well up to speed with the market. Highest quality and speedy delivery.

Perceived as the most professional capital markets team, involved in high-profile transactions and matters, always being one step ahead.

Reliable, knowledgeable advice built on vast experience.

Mannheimer Swartling always delivers with quality, even at short notice.

Johan Ljungberg is fast and always delivers with high quality. He is genuinely interested in our company and often thinks a step further.

Emil Boström is up to speed with the market, has superior knowledge and is proactive in his approach. Always available and will resource projects appropriately.

Eva Hägg is recognised as a go-to senior partner in Sweden.

Oscar Gerdhem is a rising star in the capital markets team.

Nina Svensson has a competent, calm, structured, hands-on approach. Always quick to respond.

Zoran Stambolovski is very experienced in all kinds of debt capital markets transactions. He understands the business.

Key clients

AB Electrolux

Volvo Cars

Munters Group






Svenska Handelsbanken

Telefonaktiebolaget LM


Nordea Bank

Danske Bank

DNB Bank


Banco Santander

The Swedish National Debt Office


Klarna Bank

Nordea Bank


Landshypotek Bank

Swedish Match




Work highlights

  • Handled the establishment of AAK’s SEK4bn medium term note programme.
  • Assisted Coor Service Management with its issuance of SEK1bn unsecured bonds to refinance a bridge loan.
  • Advised Vattenfall on its €500m green bond issuance on Nasdaq Stockholm’s Sustainable Bond Market.


Pontus Enquist co-leads Roschier’s equity capital market practice, which recently handled substantial IPOs and spinoff and listing transactions for corporates and private equity sponsors. The team has significant underwriting expertise under co-head Johan Häger, who is regularly instructed by global banks and financial institutions on high-value senior secured bonds issuances. Häger is also the go-to name for issuers of debt capital markets products; he recently handled complex transfers of green bonds.

Practice head(s):

Johan Häger; Pontus Enquist


Flexible, fast and knowledgeable!

Great, results-oriented people.

Quick response times and good commercial understanding.

Key clients



Carnegie Investment Bank



Pareto Securitie

Atlas Copco



Nordic Fixed Income 6




Danske Bank

Svenska Handelsbanken

ABG Sundal Collier

Arctic Securities

Nordika III Fastigheter

Work highlights

  • Advised Carnegie Investment Bank and Skandinaviska Enskilda Banken as underwriter on Lime Technologies’ SEK367m IPO on Nasdaq.
  • Advising Alelion Energy Systems on its SEK135m rights issuance.
  • Acted for Pareto Securities as sole underwriter for Zengun Group’s SEK600m senior secured bond issuance.

Advokatfirman Vinge

On the equity side of Advokatfirman Vinge’s capital markets practice, Jesper Schönbeck, Erik Sjöman (who co-head the practice) and Charlotte Levin handle IPOs, public takeovers, direct share issuances and equity-based incentive programmes. The group also has a dedicated debt capital markets team fielding practice co-head Mikael Ståhl and Louise Brorsson Salomon, which handles high-yield bond issuances, EMTN programmes, securitisations and convertible instrument work. The group's broad client base includes multinational investment firms, financial institutions, life sciences companies, retailers and industrial names.

Key clients

Nordea Bank




Goldman Sachs

Morgan Stanley


Deutsche Bank

Crédit Agricole

Barclays Bank




Swedish State

JP Morgan


Danske Bank

Kommuninvest i Sverige AB

Work highlights

  • Advising life sciences client Oncopeptides on a direct share issuance totalling €69m.
  • Advised private care provider Ambea on a fully subscribed rights issuance on Nasdaq Stockholm totalling €115m.
  • Advised retailer Veoneer on a dual offering of $420m of common stock shares and $180m convertible senior notes on Nasdaq Stockholm.

Baker McKenzie

Baker McKenzie's client roster of leading investment banks in the Nordic region often instruct the capital markets team to handle underwriting mandates including high-value main market IPOs. On the issuer side, practice head Joakim Falkner advises on equity rights issuances, IPOs and public takeovers for corporate clients, with a strong sector presence in the technology, online gaming, life sciences, clintech and real estate industries. Recent highlights included updates to existing MTN programmes and private share placements for domestic and international investors.

Practice head(s):

Joakim Falkner

Key clients

Carnegie Investment Bank

ABG Sundal Collier

Pareto Securities

Handelsbanken Capital Markets

FSN Capital

Credit Suisse


Nordic Capital

SEB (Skandinaviska Enskilda Banken)


DNB Nor Bank

Investment AB Latour

Work highlights

  • Acted for Vitec Software on its private placement of shares to Swedish and institutional investors.
  • Acted for Storytel on its private placement of shares and Nasdaq First North IPO.
  • Swedish counsel to Carnegie Investment Bank on issues relating to Q-linea’s Nasdaq IPO.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB’s Wilhelm Lüning and Fredrik Lundén are go-to names in the market for equity capital markets expertise, with recent mandates including public tender offers, IPOs and rights issuances for corporates and large-cap private equity clients. The practice also assists with debt capital markets transactions under a team led by Tone Myhre-Jensen  , with regular instructions involving MTN programmes and green bond issuances. The group saw the recent addition of Per Henriksson from an in-house role, who has notable expertise in advising financial institutions on underwriting exercises.

Practice head(s):

Tone Myhre-Jensen 


Highly experienced with great knowledge.

The team holds solid experience within capital markets and always delivers on top and in a timely manner. Our firm appreciates that Cederquist is always aiming to be at the forefront and continuously keeps us informed about trends and happenings in the market.

Tone Myhre-Jensen is practical, calm and thorough. She always tries to give concrete guidance and has a practical approach. Swift replies and great availability.

Fredrik Lundén offers outstanding availability and quick turnaround times while always providing high-quality advisory services. This coupled with his humbleness make him a great and highly trusted lawyer.

Tone Myhre-Jensen is not only a great lawyer with a pragmatic approach and integrity but is also an excellent business partner and a great support to me as GC in various matters. She always brings a strategic mindset making her a highly trusted and valuable advisor.

Henrik Wållgren has great experience of various capital markets matters, always contributing with experience from the market from various perspectives.

Per Henriksson is a true legal expert with in-depth legal knowledge of credit-related matters and an ability to turn such knowledge into legal advice which builds confidence.

Key clients



Modern Times Group

Nordea Bank

Skandinaviska Enskilda Banken

Danske Bank




Hemfosa Fastigheter


Work highlights

  • Advised Hemfosa Fastigheter on the consent solicitation procedure relating to the SEK2bn distribution of Nyfosa’s shares.
  • Advised construction, infrastructure and property developer NCC on its SEK5bn medium term note programme.
  • Advised Millicom International Cellular on its SEK2bn sustainable bond issuance.

Cirio Advokatbyrå AB

Cirio Advokatbyrå AB advises a portfolio of domestic corporate clients on the full spectrum of equity and debt capital markets matters, led by Annika Andersson and Dennis Luttropp Hansson respectively. The team enjoys a stream of high-yield bond mandates for notable clients in the real estate, pharmaceuticals and medtech sectors. Other recent highlights included complex private share placements, direct share issuances, relisting exercises and reverse public takeovers.


Strong familiarity with the local legal environment and the needs of the client.

Annika Andersson is pragmatic, knowledgeable and responsive.

Key clients



AB Sagax


BEWiSynbra Group

HNA Group

Artificial Solutions International

Scope Capital Advisory

Humlegården Fatsigheter

Green Landscaping

Work highlights

  • Advised Elektra on its SEK5bn medium term note programme.
  • Advised commercial real estate company Sagax on its €500m note issuance.
  • Advised Green Landscaping Holding on its listing transfer from Nasdaq First North to Nasdaq Stockholm’s main market.


The capital markets team at Setterwalls, which includes go-to names practice head Jörgen Axelsson and Marcus Nivinger, has a focus on equity listings and IPOs for issuers across the real estate, telecoms, technology and life sciences sectors. The team also handles private share placements and public takeovers, and, on the debt side, assists with hybrid bond and EMTN programmes. Olof Reinholdsson was recently promoted to the partnership and has extensive knowledge of securities law.

Practice head(s):

Jörgen Axelsson


The Setterwalls team is truly into our business and we don’t have to spend unnecessary time explaining matters. We see them as a strategic partner and almost all of our critical decisions, which could have a legal implication, are discussed with Setterwalls.

Any partner or associate we have engaged with has been highly professional, service minded and understanding of our business, thus providing value to our company.

Ola Grahn exhibits valuable insights into explaining and understanding the long-term consequences of legal decisions.

Key clients


Fastighets AB Balder

Ascelia Pharma



Maha Energy

Better Collective


Alligator Bioscience

Sivers IMA

IAR System



InDex Pharmaceuticals Holding


GomSpace Group


Cabonline Group


ÅAC Microtec

Ranplan Group

Work highlights

  • Advised Fastighets AB Balder on its €2bn medium term note programme.
  • Advised medical devices company IRRAS on its SEK106m directed share issuance to a number of Swedish and international institutional investors.
  • Advised medical technology company Mentice on its IPO and Nasdaq listing.

White & Case Advokat AB

White & Case Advokat AB has a particularly strong equity capital markets group co-led by Rikard Stenberg, who advises his extensive private equity client base on IPOs and rights issuances on the regulated and secondary markets. Co-head Johan Thiman and Michael Bark-Jones are go-to names for debt listings including high-yield bond issuances for domestic and international issuers. The team provides routine advice to banking and financial institutions as the underwriters of capital markets transactions; Carl Hugo Parment is a leading name in this field. Bond restructuring and liability management work are also core fields of expertise for the practice.

Practice head(s):

Rikard Stenberg; Johan Thiman


High quality, international standard.

White & Case is at the forefront of market developments and a pleasure to work with.

Michael Bark-Jones is a very knowledgeable lawyer. Professional and on top of market trends.

We work a lot with Magnus Wennerhorn and Carl Hugo Parment, who are thorough but pragmatic negotiators.

Key clients

ABG Sundal Collier

Atlas Copco AB

Arion Bank

Carnegie Investment Bank

Citibank Global Markets

Cloetta AB

Danske Bank





FSN Capital and its portfolio companies

Goldman Sachs


J.P. Morgan

Morgan Stanley


Nordic Capital




Quant AB

Santander Norway




Svenska Handelsbanken

Toyoya Industries Finance


Work highlights

  • Assisted Epiroc with the establishment of its €1.5bn medium term note programme.
  • Acted for Nordea Bank and Carnegie as underwriters on Karnov Group’s SEK4.2bn Nasdaq IPO.
  • Advised Gaming Innovation Group on its dual listing on the Oslo and Nasdaq Stockholm stock exchanges.

Advokatfirman Schjødt

Led by Emil Hedberg, Advokatfirman Schjødt’s capital markets practice acts for underwriters and issuers on mid-cap IPOs and rights listings on the Swedish markets, with particular expertise handling equity transactions for clients in the life sciences and healthcare sectors. Notably, the team has a number of highly praised junior talents including newly recruited senior associate Ylva Forsberg, who brings in-house expertise from her role at SEB. The team works closely with the banking and finance practice to assist clients with DCM and public M&A transactions.

Practice head(s):

Emil Hedberg


The firm has a top understanding of clients’ needs at both partner and senior associate levels, providing excellent communication and 24/7 responsiveness that is second to none

The firm is a real pleasure to work with and is my new go-to firm for capital markets and corporate transactions in Sweden.

Emil Hedberg has a high knowledge of the subject. What makes him stand out is his availability and solutions-based point of view.

Ylva Forsberg’s work is of the highest quality, not only legally but commercially. She is extremely responsive and goes the extra mile 24/7.

Everything a client can wish for.

Key clients

Karo Pharma

Danske Bank

ABRY Partners

Nordic Iron Ore

Paradox Interactive

Pareto Securities

Bio-Works Technologies

Empir Group

Zenicor Medical Systems

AlzeCure Pharma

A3 Allmänna IT- och Telekomaktiebolaget

Cortus Energy


Oboya Horticulture


Arctic Minerals

Etrion Corporation

Fram Skandinavien

Greater Than

Work highlights

  • Acted for Danske Bank as underwriter on Surgical Science Sweden’s £17m direct issuance of shares.
  • Acted for AlzeCure Pharma (and coordinator and bookrunner Vator Securities) on its £21m Nasdaq First North IPO.
  • Acted for Fram Skandinnavien on its SEK40m rights issuance.

Advokatfirman Delphi

Advokatfirman Delphi’s capital markets team handles First North and main market rights issuances and IPOs, with a solid list of mandates stemming from the technology, gaming, life sciences and medtech sectors. Practice head Mats Dahlberg assists with direct issuances, public takeovers and medium term note debt capital markets transactions; he also has considerable regulatory knowledge of the Spotlight growth market.

Practice head(s):

Mats Dahlberg

Key clients

Cherry AB



Scout Gaming Group

Momentum Group



Södra Skogsägarna



DLA Piper

A roster of corporate clients instructs DLA Piper's capital markets team on the full breadth of mandates, from initial debt and equity listings on the First North market to relistings and subsequent issuances on the regulated market. Practice co-heads Richard Folke and Emma Norburg work closely with the firm’s banking and finance experts to devise bond term strategies, and Peder Grandinson is a go-to name for underwriting expertise.

Practice head(s):

Richard Folke; Emma Norburg


DLA Piper provides high-quality, personal service.

Key clients

Stillfront Group


Moment Group

Cell Impact


Avanza Bank Holding


Avega Group

Med Cap

SoltTech Energy Sweden

Work highlights

  • Assisted Moment Group with its relisting from First North to the main market.
  • Advised Stillfront Group on its SEK600m senior unsecured bond issuance.
  • Advised Moment Group on its SEK200m unsecured bond issuance.

Eversheds Sutherland

Eversheds Sutherland's capital markets group is co-led by Gabriel Albemark, who is a go-to name for equity listings and recently handled a variety of mid-cap rights issuances for domestic and international clients. Newly recruited co-head Johan Engström, who was previously at MAQS Advokatbyrå, enhances the team’s expertise in equity capital markets transactions, and recently handled a landmark listing of an Irish company on the First North market. Philip Heilbrunn handles debt capital markets issuances.

Key clients

Cortus Energy

Eyeonid Group

PiezoMotor Uppsala

Umida Group

Abelco Investment Group

G5 Entertainment

The Marketing Group


Zutec Holding


Work highlights

  • Advised Zutec, the first Irish company to list on the First North, with its SEK50m IPO.
  • Assisted Eyeonid Group with its SEK8m share issuance.
  • Advised Eyeonid Group on its SEK12m directed issuance of shares.


The capital markets team at Hammarskiöld routinely advises the firm’s local and international investment banking clients as underwriters for IPOs and share listings on the Nasdaq main and First North markets. Practice head Carl-Johan Pousette also handles mid-cap direct share issuances, relistings and public takeovers for corporate and private equity clients.

Practice head(s):

Carl-Johan Pousette

Key clients


DNB Markets


Bauer Media Group

Zmarta Group


ABG Sundal Collier





Oncology Venture

Work highlights

  • Advised ABG Sundal Collier and Pareto Securities as underwriters on Jetpak Top Holding’s SEK540m IPO.
  • Advised Bauer Media Group’s subsidiary Zmarta Group on its SEK200m cash offer to shareholders of Insplanet.

Hannes Snellman

Hannes Snellman’s capital markets practice recently handled a number of complex, cross-border mandates spanning demerger and subsequent main market listings, share redemption transactions and public cash offers. Led by Mattias Friberg and also fielding equity capital markets expert Sören Lindström as a senior adviser, the team lends its expertise to private share placements, IPOs and other debt and equity offerings for a diverse list of corporate clients from the insurance, real estate, engineering and financial services sectors.

Practice head(s):

Mattias Friberg

Key clients


NP3 Fastigheter




Melker Schörling

Intrum Justitia




BVF Partners

SpareBank 1 Markets



Greiner Bio-One



Work highlights

  • Assisted Cramo and Adapteo with the spin-off and listing of the latter on the Stockholm Stock Exchange.
  • Acted for automotive retailer Mekonomen on its SEK1.7bn share issuance (with preferential rights for existing shareholders), the proceeds of which repaid a bridge-facility loan.
  • Acting for NP3 Fastigheter on its SEK102m direct issuance and private placement of new preference shares.


The Linklaters capital markets team is jointly led by Fredrik Lindqvist and Patrik Björklund, who handle equity and debt matters respectively, and is a noted firm for international private equity sponsors, real estate funds and high-end corporates, which require cross-border transaction management. The team provides the breadth of experience covering IPOs, high-yield bond listings, preference share issuances and MTN programmes, which are subject to US legislation.

Key clients

Nordea Bank

Starwood Capital Group

Danske Bank

Deutsche Bank


Green Investment Group



Bank of America Merrill


Institut Mérieux

J.P. Morgan

Work highlights

  • Advised Traton (a subsidiary of Volkswagen Group) on a €1.5bn dual listing on the Frankfurt Stock Exchange and Nasdaq.
  • Advised Institut Mérieux on BioInvent’s private placement of shares to Institut Mérieux and other institutional shareholders.

Bird & Bird

Bird & Bird has increased its capital markets expertise under the leadership of recently appointed practice head Ola Lidström. The majority of its transactions involve lower mid-cap rights issuances and IPOs on the First North growth market for clients in the life sciences, energy, pharmaceuticals, IT and technology sectors.

Practice head(s):

Ola Lidström

Key clients

CAG Group

Image Systems

A1M Pharma





Elos Medtech




NewCap Holding

Work highlights

  • Acting for CAG Group on its SEK70m Nasdaq IPO.
  • Assisting Image Systems with its SEK66m Nasdaq rights issuance.
  • Assisting A1M Pharma with its SEK71m Nasdaq rights issuance.

Advokatfirman Lindahl KB

Advokatfirman Lindahl KB’s Uppsala-based capital markets expert Mattias Prage advises a range of domestic issuers on mid-cap IPOs, rights issuances and preferential placements, with recent mandates including complex transactions in regulated sectors including the life sciences industry. The addition of banking and finance expert Sten Gejrot (previously of MAQS Advokatbyrå) to the Malmö office increases the firm’s debt capital markets capabilities. Thorbjörn Wennerholm is also a key name to note.


They always focus on customer needs and are very flexible in availability. The level of expertise is high and they have a good track record in delivering tasks on time.

A deep knowledge of capital market issues.

I have worked with several partners and associates over the years and they have all presented excellent skills in their profession. Importantly, they are clear if a specific topic is outside their expertise and forward the topic to another member of the team or even outside if necessary. This provides a high level of comfort and makes day-to-day operations run smoothly. I can particularly recommend partners Mattias Prage and Helena Lindbäck and associate Emelie Carmhagen Wernoff.

Easy to work with, available and gets along with us as clients as well as our contacts. Has very deep knowledge.

Key clients





Beijer Alma


Boule Diagnostics

Capacent Holding


Cimco Marine AB

Coeli Private Equity


Eurocine Vaccines

FormPipe Software


Hanza Holding

Helios Investment Partners

IMINT Image Intelligence

International Finance Corporation

Karolinska Development



Miris Holding

Millicom International Cellular



Pharmacolog i Uppsala




Resurs Bank



SHH Bostad



Tieto Corporation

VBG Group


Work highlights

  • Handled life sciences client Q-linea’s SEK632m mid-cap IPO.
  • Advised Cimco Marine on a number of corporate bond listings totalling SEK311m.
  • Advised Hanza Holding on a Nasdaq small-cap market listing.

Törngren Magnell & Partners Advokatfirma KB

Törngren Magnell & Partners Advokatfirma KB has a growing capital markets practice under the leadership of Johan Wigh. The team, which also includes Sandra Broneus, handles equity and debt listings for a list of domestic issuers on the Nasdaq First North, and recently handled a number of small-cap IPOs for international clients.

Practice head(s):

Johan Wigh


Cecilia Rudels provides great market insights.

Key clients

SaltX Technology Holding

Saxlund Group

myFC Holding


EnergyO Solutions Russia

Samhällsbyggnadsbolaget i Norden

Frill Holding


Svenska Aerogel Holding

Work highlights

  • Advised SaltX Technology Holding on its SEK80m rights issuance.
  • Assisted Saxlund Group with its SEK30m rights offering.
  • Acted for listed company myFC on its SEK40m issuance of shares and warrants.


Wistrand’s debt capital markets mandates are handled by Monica Petersson, who advises on MTN programmes, IPOs and other debt instruments. Erik Hygrell provides advice on equity capital markets issuances.