Rising Stars

Capital markets in Sweden

Baker McKenzie

The capital markets team at Baker McKenzie leverages its international network for assistance with cross-border matters and focuses on the ECM market in Sweden. The group is well versed in IPOs and share issuances and acts for high-profile underwriter clients. Stockholm’s Joakim Falkner heads up the team; he is qualified in Sweden and England and Wales, and has considerable experience in public M&A, securities transactions, and debt and equity capital markets transactions. Henric Roth acts for international and domestic banks on the listings of Swedish companies in the US, and Stefan Balasz, who specialises in EU prospectus and market abuse regulation, was promoted to partner.

Practice head(s):

Joakim Falkner

Other key lawyers:

Henric Roth; Stefan Balazs; Johanna Flink


‘The capital markets team is always available, quick to respond and ready to go the extra mile to provide a good service. The team is always very hands-on, flexible and direct in its communication, which makes the dialogue very constructive. Experienced and always know what is the market practice.’

‘Joakim Falkner is very easy to work with, pragmatic without loss of legal focus and always ready to go the extra mile. Johanna Flink is a very experienced lawyer, always available and result-oriented, which makes intense transaction processes work rather smoothly.’

Key clients

Truecaller AB

Embracer Group AB

Citigroup, Carnegie, DNB Markets, Danske Bank, SEB (Norva24)

Carnegie, JP Morgan, ABG Sundal Collier and Bryan Garnier (Bico Group)

Pareto Securities and SEB (Swedencare)

ABG Sundal Collier, Danske Bank, Handelsbanken (Klarabo)

Viva Wine Group AB

Arlandastad Group

Diös Fastigheter AB

Carnegie and Danske Bank (Cint Group)


Carnegie (tbd30)

Aspire Global

Jefferies (Calliditas)

BNP Paribas and Carnegie (Re:newcell)

DNB and Nordea (Netel)




Barclays och Carnegie (Cantargia)

Work highlights

  • Acted for Truecaller on its SEK19.4bn IPO, the largest tech IPO ever in the Nordics.
  • Acted for Embracer on its SEK10.3bn primary issuance of shares.
  • Acted for the joint bookrunners on the IPO of Norva24.

Bird & Bird

The capital markets team at Bird & Bird focuses on ECM mandates and is particularly experienced in private equity-driven IPOs and transactions in the technology and life sciences sectors. Ola Lidström heads up the practice and advises issuers, underwriters and shareholders on various transactional matters.

Practice head(s):

Ola Lidström

Key clients

Beowulf Mining plc

Eurobattery Minerals AB

RNB Retails and Brands AB

EnQuest PLC

QP Games AB

ChromoGenics AB

Greater Than AB

Checkin.com Group AB

Iconovo AB

Prebona AB


Cytovac AB

Erik Penser Bank AB

Image Systems AB

Kommuninvest i Sverige AB

Work highlights

  • Advised high-performance façade glass manufacturer ChromoGenics AB in connection with its SEK68.2m rights issuance on the Nasdaq First North Growth Market.
  • Advised Checkin.com Group AB on its SEK56m accelerated book-building and placing on the Nasdaq First North Growth Market.
  • Assisted EnQuest PLC on Swedish law aspects in connection with its $50m open offer and placing on the LSE Main Market.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB handles both debt and equity capital markets mandates, with Per Henriksson a key name for the former and Fredrik Lundén focused on the latter. The group acts for major Nordic investment banks and private equity funds and has recently advised on a number of large IPOs on Nasdaq Stockholm. Lundén is recommended for IPOs, public tender offers and share issuances by listed companies, while Henriksson advises on high-yield bonds, convertible bonds and green bonds, among other areas. Wilhelm Lüning adds 35 years’ experience to the team and is well versed in public M&A and corporate governance work.

Practice head(s):

Fredrik Lundén; Per Henriksson

Other key lawyers:

Wilhelm Lüning; Tone Myhre-Jensen


‘Provides very valuable hands-on advice in all respects.’

‘Very pragmatic.’

‘It is a team led by Fredrik Lundén with excellent knowledge in the field and an ability to adapt advice to the needs of the client.’

‘The team is always available and able to give advice even at short notice.’

‘Fredrik Lundén has excellent knowledge in the field and always has an approach towards the clients to give the best solution for the current situation. Open for discussions and finding workable solutions in difficult situations.’

‘Quick and professional responses to requests.’

‘Per Henriksson has good experience from banks and financing projects and knows much about the different markets, which he uses in advising our company.’

‘The team always provides spot on advice with our business in mind. Very competent and well-informed about market developments and trends. Outstanding availability with short turn-around times.’

Key clients

Kinnevik AB


BillerudKorsnäs AB


Nordic Entertainment Group AB


Nordnet AB

Nyfosa AB


Modern Times Group MTG AB

Cloetta AB

Addnode Group AB

Bonava AB

Dustin Group AB

Collector AB

Catella AB

Nelly Group AB

Engcon AB

Acast AB

Danske Bank A/S


Nordea Bank Abp

Skandinaviska Enskilda Banken AB

Collector Bank AB

Bonava AB

Nivika Fastigheter AB

Work highlights

  • Advised Engcon on its IPO on Nasdaq Stockholm Main Market in June 2022.
  • Advised dual-listed Millicom on its SEK7bn rights offering in May 2022.
  • Advised Nordic Capital on its public tender offer for the shares in Cary Group in June 2022.

Cirio Advokatbyrå AB

The ‘competent, friendly and very service-mindedCirio Advokatbyrå AB handles both ECM and DCM work, mainly advising issuer-side clients on both domestic and international deals. The team is jointly led by Annika Andersson and Dennis Luttropp Hansson; Andersson has over 20 years’ experience of M&A, IPOs, share issuances and corporate governance matters, while Hansson is a notable name for leveraged finance work, bonds and real estate finance mandates.

Practice head(s):

Annika Andersson; Dennis Luttropp Hansson

Other key lawyers:

Carl Axel Morvay; Maria Arnoldsson


‘It’s a competent, friendly and very service minded firm.’

‘Cirio’s expertise within the life science space has been very helpful.’

‘Always accessible and willing to help.’

‘Fast and competent advice.’

‘We’ve built strong relationships that I trust.’

‘I trust Maria Arnoldsson in all matters relating to Capital Acquisitions or corporate matters. She is very competent and fast.’

Key clients


AB Sagax

Fortnox AB

Karolinska Development AB

Green Landscaping Group AB

Vestum AB

SaveLend Group AB

Scandinavian Biogas Fuels International AB,

Intervacc AB

Pareto Securities

TagMaster AB

Freja eID Group AB


Work highlights

  • Advised Fortnox AB in connection with its list change from NGM Nordic SME to Nasdaq Stockholm’s main market, Large Cap.
  • Advised Vestum AB in connection with a new share issuance to Swedish and international institutional investors.
  • Advised BEWI ASA on the issuance and listing of €250m sustainability-linked bonds

Advokatfirman Delphi

The capital markets team at Advokatfirman Delphi focuses on mid-cap capital markets transactions and advises on international IPOs; it has also been engaged by Nasdaq Stockholm to be part of the external committee discussing new rules and regulations. Andreas Wirén heads up the team and acts for both issuers and underwriters on deals, while Mats Dahlberg is recommended for IPOs, public take-overs, spin-offs, carve-outs and fundraisings; he acts for companies, investment banks and institutional investors. Annika Melin Jakobsson is experienced in both domestic and international transactions.

Practice head(s):

Andreas Wirén

Other key lawyers:

Annika Melin Jakobsson; Mats Dahlberg


‘Good focus on small- and mid-cap deals.’

‘They understand the company’s needs.’

‘Genuine interest in the business.’

Key clients

Nasdaq Stockholm

Verdane Capital

Standout Capital

Momentum Group


AddLife AB


Train Alliance Sweden

Netmore Group


Akelius Residential Property AB

ieye AB



Spotligt Stock Market

Alligo AB


Work highlights

  • Advised Olink Holding AB on the $406m initial public offering of American Depositary Shares (ADSs) and its listing on the Nasdaq Global Market.
  • Acted as local counsel to Polestar on the completion of the business combination with the special purpose acquisition company (SPAC) Gores Guggenheim, Inc.
  • Acted as legal adviser on the spin-off and separate listing of Momentum Group on Nasdaq Stockholm.

Advokatfirma DLA Piper Sweden KB

With ‘great knowledge, a wide skill set and superb commitment’, Advokatfirma DLA Piper Sweden KB handles a broad range of equity capital markets transactions, including reverse triangular mergers, block sales, cross-border tender offers, IPOs and reverse takeovers. Richard Folke leads the team and is a key name to note for M&A, investments, IPOs, and share and bond issuances, while Anna Berntorp, who was recently promoted to partner, is recommended for transactions and governance matters.

Practice head(s):

Richard Folke

Other key lawyers:

Anna Berntorp; Peder Grandinson; Emma Norburg


‘Great knowledge, a wide skill set and superb commitment.’       

‘Peder Grandinson and his team have, during the last couple of years, been engaged on numerous tasks, all handled with outstanding competence and commitment to the client.’

‘Overall, a very solid understanding of the Nordic equity capital market.’

‘What I believe is a key strength for DLA is their international footprint and ability to draw on experts within their system to provide insights on other geographical areas, as well as product expertise, when needed in the transaction.’     

‘Compared to other law firms I would say that DLA Piper really made an effort to investigate potential questions and legal avenues ahead of meetings.’

‘Able to give direct and actionable advice from the get-go.’

Key clients

Stillfront Group

Moment Group

PPG Industries

Advanced SolTech Sweden

Athanase Industrial Partner

Avanza Bank Holding

Skogsfond Baltikum


Alm Equity

Zenith Group

Tempest Security



Star Capital

Avida Holding


Rizzo Group



Svenska Nyttobostäder

Work highlights

  • Advised Zenith Group on the IPO of Truecaller on Nasdaq Stockholm main list.
  • Advised PPG Industries on the €1.1bn voluntary recommended public tender offer for all shares in Tikkurila Oyj.
  • Advised Advanced SolTech Sweden in connection with the company’s listing on Nasdaq Stockholm First North Growth Market.

Eversheds Sutherland

Eversheds Sutherland is well placed to handle cross-border transactions by virtue of its international network. The Swedish practice focuses on ECM work and has recently handled numerous IPOs under the leadership of Gabriel Albemark, Johan Engström and Philip Heilbrunn. Engström handles transactional matters, corporate governance work and compliance issues for businesses in the technology, gaming, financial services and life sciences sectors, among other areas.

Practice head(s):

Johan Engström; Gabriel Albemark; Philip Heilbrunn


‘What stands out to me is the warm and welcoming attitude towards me as a customer, together with the 24/7 availability – and always with a smile.’

‘I have the privilege of working with quite a few within the Stockholm team – but it takes a great leader to engage, maintain and lead such a distinguished number of very professional team members and I would like to praise Johan Engström.’

Key clients

Alpcot Holding AB

Zordix AB

G5 Entertainment AB

Scout Gaming Group AB

Enad Global 7 AB

ZignSec AB

Neola Medical AB


ChargePanel AB

Eyeonid Group AB

Acuvi AB

Abelco Investment Group AB

Umida Group AB

Arctic Blue Beverages AB

Intellego Technologies AB

Move About Group AB

Ekobot AB

Sun4Energy AB

Work highlights

  • Advised multinational gaming development and publishing group Zordix AB on its SEK250m private placement on Nasdaq First North Growth Market.
  • Advised Swiss crypto and digital assets exchange SMART VALOR AG on its listing of Swedish depository receipts on Nasdaq First North Growth Market.
  • Advised Acuvi AB (formerly PiezoMotor Uppsala AB) on its private placement of acquisition of The Precision Alliance Motion LLC, with purchase price of around $24m, with private placement of SEK160m.

Gernandt & Danielsson Advokatbyrå

Gernandt & Danielsson Advokatbyrå’s capital markets practice is strong on both debt and equity work, acting for large domestic and international clients on high-profile and high-value transactions. On the equity side, the group advises on IPOs, public takeovers and issuances of complex preference shares, while in the debt space it handles high-yield bonds, medium-term note (MTN) and Euro medium-term note (EMTN) programmes, and hybrid instruments. The team is jointly led by Fredrik Palm, Carl Westerberg and Mikael Borg, who are all strong in transactional work, including M&A. Sofie Viktorsson is a key name for DCM work, while Pär Johansson, Gabriel Zsiga, Oscar Anderson and Mikael Bolling were all recently promoted to the partnership.

Practice head(s):

Fredrik Palm; Carl Westerberg; Mikael Borg

Other key lawyers:

Sofie Viktorsson; Mikael Bolling; Pär Johansson; Gabriel Zsiga; Oscar Anderson


‘The equity and debt capital markets teams boast a number of exceptional individuals and can easily be considered as one of the leading capital markets practices in Sweden.’ 

‘Oscar Anderson is an absolute pleasure to work with on cross-border matters. He is very knowledgeable, responsive, practical and has an excellent understanding of how to help clients achieve their objectives.’

‘Excellent quality of legal advice.’

‘Always on time.’

‘Always possible to reach them.’

‘Tight team. Very much experienced and knowledgeable regarding IPOs and listing procedures. Also very good to support on business matters.’

‘Swift responses and, aside from juridical advice, also commercial input if requested.’

‘Swift, knowledgeable and pragmatic with extensive experience from capital market transactions.’

Key clients

Murgröna Holding AB and ICA-handlarnas Förbund



Storskogen Group AB

Cint Group AB

Nobina AB

Genova Property Group AB

Heimstaden AB

Pierce Group AB

Trophi Fastighets AB

Stillfront Group AB

Carnegie, Jefferies, Swedbank and Kepler Cheuvreux

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

Aktiebolaget Fastator

Modern Times Group AB

Fastpartner AB

Media and Games Invest plc

Humble Group AB

VNV Global

ALM Equity AB

Catena Media plc

Compactor Fastigheter AB

Novedo Holding AB

Calligo (UK) Limited

YA Holding AB

Euroflorist 2.0

Aktiebolaget FastatorSeafire AB

Fingerprint Cards AB

Nordiska kreditmarknadsaktiebolaget

Work highlights

  • Advised Murgröna Holding AB and ICA-handlarnas Förbund in connection with a recommended public offer to the shareholders of ICA Gruppen.
  • Advised Sinch in connection with a capital raise and its acquisition of Pathwire.
  • Advised OX2 AB on its IPO and listing of the company’s shares on Nasdaq First North Premier Growth Market.


Hammarskiöld’s capital markets team is jointly led by Carl-Johan Pousette, Rasmus Fahlén and Sandra Broneus, who recently joined from TM & Partners. The department advises clients on matters pertaining to both primary and secondary markets, market regulation, and stock exchange issuances, and Pousette brings a wealth of experience in IPOs, public takeovers, exchange offers and capital raisings to the team.

Practice head(s):

Carl-Johan Pousette; Sandra Broneus; Rasmus Fahlén

Key clients

Skandinaviska Enskilda Banken AB

Scania CV AB

Carnegie Investment Bank AB

Samhällsbyggnadsbolaget i Norden AB

Atvexa AB

Danske Bank A/S, Danmark, Sverige Filial

Devyser Diagnostics AB


Nordic Trustee

Vacse AB

Fabege AB

Scandinavian Credit Fund

Linc AB

Stenvalvet AB

Crown Energy AB


W5 Solutions AB

LL Lucky Games AB

High Coast Distillery AB

Work highlights

  • Advised Skandinaviska Enskilda Banken AB and Carnegie Investment Bank AB in connection with the IPO of Haypp Group AB on Nasdaq First North Growth Market.
  • Advised Danske Bank A/S, Danmark, Sverige Filial and Skandinaviska Enskilda Banken AB in connection with the IPO of Nivika Fastigheter AB on Nasdaq Stockholm.
  • Acted as legal adviser to Vestum AB in connection with its issuance of a SEK1.5bn senior unsecured bond within a framework of SEK3bn.

Hannes Snellman

Hannes Snellman has the capacity to advise on both ECM and DCM matters and handles cross-border transactions in the Nordics with ease, utilising its integrated Finnish and Swedish teams. Key areas of strength include IPOs, public tender offers and private placements, and the Stockholm team is led by Mattias Friberg, who has over 20 years’ experience in M&A, regulatory and compliance matters.

Practice head(s):

Mattias Friberg

Other key lawyers:

Ola Åhman; Fredrik Olsson; Khaled Talayhan


‘Available with deep knowledge.’

‘Seek constructive solutions.’

‘Mattias Friberg is constructive and pragmatic.’   

‘Ola Åhman is excellent – commercial and to the point in his advice, with undisputed legal knowledge.’

Key clients

F. Holmström Fastigheter AB

Areim AB

Koch Industries

AutoStore Holdings Ltd

Vitec Software Group AB

Episurf Medical AB

Life Sciences Partners

Nivika Fastigheter AB

Girindus Investments AB

NP3 Fastigheter AB

Copperstone Resources AB

Mangold AB

Polygon AB


NeoGames S.A.

Work highlights

  • Advised Swedish real estate company Nivika Fastigheter AB on its initial public offering and listing on the Nasdaq Stockholm main list.
  • Advised Nordic software company Vitec Software Group AB, listed on Nasdaq Stockholm large cap, on its SEK920m directed issuance and private placement of new shares.
  • Advised Norwegian oil and gas company Aker BP, listed on Oslo Stock Exchange, on the SEK100bn combination of its oil and gas business with the oil and gas business of Lundin Energy AB, the Swedish oil and gas company listed on Nasdaq Stockholm.

Advokatfirman Lindahl KB

With Dennis Westermark at the helm, Advokatfirman Lindahl KB fields a large team which focuses on ECM work, acting from various offices across Sweden. Westermark is recommended for capital raisings, IPOs, takeovers and general meetings, and also handles corporate governance and regulatory matters. Uppsala’s Mårten Steen and Malmö’s Carl-Johan Krusell are also key members of the team, while Ola Svanberg was recently promoted to partner and Victoria Skoglund joined from Kanter Advokatbyrå KB.

Practice head(s):

Dennis Westermark


‘High level of senior attention in every aspect.’

‘The individuals I have worked with have shown the highest degree of professionalism and knowledge possible.’

Key clients

Randviken Fastigheter AB

K2A Knaust & Andersson Fastigheter AB

Q-linea AB

Senzime AB

Nanexa AB

Brinova Fastigheter AB

Godsinlösen Nordic AB

Modelon Group AB

Biosergen AB

IDL Biotech AB

ELON Group Holding AB

Klarabo Sverige AB

Swedencare AB

Nanologica AB

chargeDuearity AB

OXE Marine AB

Work highlights

  • Acted as legal adviser to Klarabo Sverige AB in connection with the company’s IPO and listing on Nasdaq Stockholm (main market).
  • Acted as legal adviser to Randviken Fastigheter AB in connection with Stenhus Fastigheter i Norden AB making a public offer to the shareholders of Randviken.
  • Advising Elon Group Holding AB on the ongoing merger of its subsidiary Elon Group AB and Electra Gruppen AB, a company listed on Nasdaq Stockholm.


The capital markets team at Linklaters has recently undergone a changing of the guard, with the retirement of former practice co-head Fredrik Lindqvist and the subsequent arrival of Charlotte Levin from Advokatfirman Vinge, who now co-heads the team alongside Patrik Björklund. With a strong focus on ECM work, the practice also has the ability to handle DCM mandates, and acts for large international corporates, private equity funds, shareholders and underwriting banks, utilising its international network for support on cross-border matters. Levin is recommended for corporate transactions and IPOs and is supported by senior managing associate Nima Naderi, who advises on public M&A and IPOs.

Practice head(s):

Charlotte Levin; Patrik Björklund

Other key lawyers:

Nima Naderi


‘The team is excellent and one of the few global firms with local teams that really deliver. Cross-border international teams that work seamlessly.’

‘Charlotte Levin is great in capital markets-related law and very approachable with great industry knowledge.’

‘Great understanding of the business environment and challenges where the client operates.’

Key clients

IK Investments Partners

Deutsche Bank

Nordea Bank

Skandinaviska Enskilda Banken

J.P. Morgan

Goldman Sachs

DnB Bank

Danske Bank



Work highlights

  • Advised IK Investment Partners and Netel in connection with the IPO of Netel on Nasdaq Stockholm.
  • Advised Goldman Sachs, JP Morgan, Citigroup and Carnegie as joint global coordinators on the IPO of Truecaller AB on Nasdaq Stockholm.
  • Advised Kinnevik on the accelerated bookbuild of the shares in the Swedish listed telco Tele2.

Mannheimer Swartling

Mannheimer Swartling fields ‘many good lawyers that deliver top-class services’ and is strong in both debt and equity capital markets work. The group handles both domestic and cross-border work and acts for large blue-chip clients on high-yield and investment grade bonds, hybrid bonds, covered bonds and securitisation work, as well as regulatory matters. Patrik Marcelius co-heads the team and is a noteworthy individual for IPOs, public takeovers and mergers, while fellow co-head Thomas Pettersson focuses on derivatives mandates and regulatory matters. Gustav Glimblad was recently promoted to partner and Olof Stenström left the firm.

Practice head(s):

Patrik Marcelius; Thomas Pettersson

Other key lawyers:

Emil Boström; Gustav Glimblad; Jakob Wijkander


‘Very high level of technical skills.’

‘Tasks done by the most senior lawyers, gave us a very smooth process.’

‘Overall many good lawyers that deliver top-class services.’

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

‘The firm has the capacity to add resources to projects when required.’

‘A one-stop-shop and without the need for other parties.’

‘Jakob Wijkander is like an encyclopedia and easy to work with.’

‘Emil Boström is an exceptional partner, well recognized in the industry and delivers exceptional support.’

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 Sandvik AB and Alleima AB in connection with Sandvik’s global separation of former business area Sandvik Materials Technology and the subsequent listing on Nasdaq Stockholm under the new name Alleima AB.
  • Acted as lead counsel to DNB Bank ASA, filial i Sverige, sole book runner and issuing agent, on the issuance of SEK2.25bn senior unsecured floating rate sustainability notes by Luxembourgian issuer Millicom.
  • Advised Volvo Cars, as well as its principal shareholder Geely Sweden Holdings AV, on its IPO on Nasdaq Stockholm at a market valuation of SEK158bn ($18bn) and an offering size of SEK20bn.


Praised as ‘very knowledgeable with a practical approach and understanding of the requirements of business’, Roschier is well regarded in the market for both debt and equity capital markets mandates. The practice, which is jointly led by Johan Häger and Pontus Enquist, is well versed in IPOs, rights offerings and private placements, and convertible bonds, high-yield bonds and investment-grade bonds. Häger is recommended for large international debt transactions and acts for both Swedish and international banks, while Enquist, who leads the Stockholm office, handles ECM matters. Niklas Eriksson joined from an in-house role in 2022 and is experienced in international mandates.

Practice head(s):

Johan Häger; Pontus Enquist

Other key lawyers:

Veronica Stiller; Ola Sandersson; Christoffer Benninge; Erik Persson; Tilda Rosengren; Niklas Eriksson


‘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 of the requirements of business.’

‘High-end, knowledgeable in their area.’

‘Tilda Rosengren is available 24/7, skilled, structured and confident throughout complex processes.’

‘Pontus Enquist is comfortable and calm in all situations. Solid.’

‘The team has a collaborative and proactive approach making it easy to work with them and create good results.’

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 DBT Capital AB as lead counsel in relation to the amendment and restatement of its EU/UK Securitisation Regulation compliant securitisation warehouse facility.
  • Advised Synsam and Theia Holdings S.à r.l., a company indirectly majority owned by CVC European Equity Fund V, on the listing of Synsam’s shares on Nasdaq Stockholm and share sale by Theia Holdings, valuing Synsam at SEK7.5bn.
  • Advised Savvy Gaming Group on its investment of approximately SEK10.3bn in a directed share issuance of shares in Embracer Group AB.

Advokatfirman Schjødt

The capital markets practice at Advokatfirman Schjødt is full integrated across Sweden and Norway and draws on the related expertise of its M&A, financial services and tax practitioners to assist with capital markets transactions. The practice focuses on ECM work and is led by Ylva Forsberg, who has experience in-house as an investment banker; she is supported by Emil Hedberg, who handles M&A transactions, capital markets deals and corporate advisory work. Ebba Perman Borg recently joined from Linklaters and specialises in the tax elements of capital markets work.

Practice head(s):

Ylva Forsberg

Other key lawyers:

Emil Hedberg; Ebba Perman Borg


‘Great delivery, great advice, 100% attention, fun to work with!’

‘The team delivered with high quality throughout the project. The collaboration and communication worked great.’

‘The team we have worked with has been much appreciated throughout the project. They have always been very communicative, responded quickly and shown great availability when it comes to meetings at short notice. The material they have delivered to us has always held a high standard which has facilitated a smooth process. Would gladly recommend and work with again.’

‘Ylva Forsberg always applies herself to give thoughtful and honest advice so that you feel comfortable you have made the right decision.’

‘Simply just a very strong ECM practice; over the last couple of years solidified the position as a very strong player in the Swedish market.’

‘Emil Hedberg is no doubt a leader of the new generation.’

Key clients

Carnegie Investment Bank

Danske Bank


ABG Sundal Collier

Pareto Securities

Smart Wires Technology Ltd

Paradox Interactive


ADDvise Group

Viking Supply Ships

International Petroleum Corporation

Work highlights

  • Advised Nuveen (TIAA) in connection with its public offering for all shares in 24Storage.
  • Advised ContextVision AB in connection with its Lex Asea spinn-off of INIFY Laboratories AB and the subsequent offering of shares and listing of INIFY Laboratories AB.
  • Advised Danske Bank as Sole Global Coordinator and Bookrunner in connection with Vestum’s SEK2bn private placement of shares.


Setterwalls fields ‘a solid team with vast experience’ and advises on ECM and DCM matters. It focuses on issuer-side work and handles IPOs and compliance, regulatory and transactional issues for a range of businesses, with particular experience in the life sciences sector. The team is jointly led by Stockholm’s Jörgen Axelsson and Marcus Nivinger, and Malmö’s Ola Grahn. Axelsson adds over 25 years’ experience in capital markets transactions, M&A, and securities to the team, while Nivinger is recommended for IPOs and share issuances, and Grahn handles transactions and governance matters.

Practice head(s):

Jörgen Axelsson; Marcus Nivinger; Ola Grahn

Other key lawyers:

Axel Helle


‘The team at Setterwalls is competent and proactive.’

‘It adapts to the customer’s situation and proposes pragmatic yet compliant solutions.’

‘Solid team with vast experience.’

‘Knowledgeable within the sector.’

‘Marcus Nivinger is our go to person and he is extremely hands on, pragmatic, technical skilled and also knows our business.’

‘Marcus Nivinger, responsible partner, is always available, responds quickly and to the point and manages his team in an impressive way. He is very good at capital market issues and more or less always knows the answer on the top of his head. Extremely good legal judgement.’

Key clients

Fastighets AB

BalderAtrium Ljungberg AB

Resurs Holding AB

Knowit AB

Ascelia Pharma AB

Saniona AB

Maha Energy AB

Better Collective A/S

Boozt AB

Alligator Bioscience AB

Sivers Semiconductors AB

I.A.R. Systems Group AB

InDex Pharmaceuticals Holding AB

Mentice AB

GomSpace Group AB


Cabonline Group Holding AB

AAC ClydeSpace AB

Arise AB

Bulten AB

K-Fast Holding AB

Wästbygg Gruppen AB

Thunderful Group AB

EWPG Holding AB (Eco Wave Power Ltd.)

Nordisk Bergteknik AB

Maxar Technology Inc.

Agile Content SA

Maven Wireless Sweden AB

Wise Group AB

Hexicon AB

Swedish Logistic Property AB

Enea AB

SignUp Software AB

eWork Group AB

SynAct Pharma AB

Coala-Life Group AB

Work highlights

  • Advised AMF Pensionsförsäkring AB in connection with the SEK107.4bn public takeover bid for ICA Gruppen together with ICA-handlarnas Förbund.
  • Advised Swedish Logistic Property AB in connection with its approximately SEK4.9bn listing on Nasdaq Stockholm and SEK750m offering to the public in Sweden and to institutional investors in Sweden and abroad.
  • Advised Fastighets AB Balder in connection with its €6bn Euro Medium Term Note Programme for 2022.

TM & Partners

TM & Partners’ capital markets practice has a strong focus on ECM work and is recommended for stock exchange listings, public takeovers, capital raisings and restructuring work. The team acts for Swedish and international companies, including private equity and venture capital funds, and investment banks, and is led by Johan Wigh, who handles transactional and regulatory matters. Sandra Broneus left the firm for Hammarskiöld.

Practice head(s):

Johan Wigh


‘TM responds quickly and always delivers high-quality advice and material.’

‘The team is very experienced, understands the commercial aspects of the deal and is creative in coming up with great solutions and structures.’

Key clients

Arla Plast AB

Arcane Crypto AB

Careium AB


Coala-Life Group AB

Formerly RNB Retail and Brands ABCombinedX AB


Infrea ABTeqnion AB

Vivesto AB

SaltX Technology Holding AB

Söder Sportfiske AB

Swedish Stirling AB

Work highlights

  • Advising CombinedX AB on the listing of the company’s shares on Nasdaq First North Premier Growth Market.
  • Advising Vivesto AB in connection with a fully guaranteed rights issuance of SEK151m.
  • Advising Careium and DORO in connection with the distribution of all shares in Careium to the shareholders of Doro, and the subsequent listing of Careium’s shares on Nasdaq First North Growth Market (so-called Lex Asea distribution).

Advokatfirman Vinge

Advokatfirman Vinge is singled out by clients as ‘absolutely top of the market in terms of quality, problem solving, market knowledge and client management’. On the equity side, the practice handles IPOs, rights and directed issuances of shares and equity derivatives and secondary market offerings, while in the debt space, it is recommended for investment-grade and high-yield bond work, US offerings, such as 144A issuances, and securitisations, among other areas. The team is jointly led by Jesper Schönbeck, Erik Sjöman and Anders Strid; Sjöman counts the Swedish Government on his client roster and focuses on ECM mandates, while Schönbeck and Strid are recommended for public M&A work. Mikael Ståhl has considerable experience in domestic and international DCM mandates.

Practice head(s):

Jesper Schönbeck; Erik Sjöman; Anders Strid

Other key lawyers:

Louise Brorsson Salomon; Mikael Ståhl


‘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 they are at 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 almost 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 has also follows current case law closely.’

‘Very close to market and business understanding, 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.’

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

Vimian Group AB

Sdiptech AB

Carnegie Investment Bank, ABG Sundal Collier and Nordea Corporate Finance & ECM

Tobii AB


ABG Sundal Collier AB and Carnegie Investment Bank AB

Titania Holding AB

Sleep Cycle AB

Embellence Group AB

Scandic Hotels Group AB


Samhällsbyggnadsbolaget i Norden AB

BHG Group AB

Morgan Stanley & Co. International plc and Nordea Corporate Finance & ECM


Work highlights

  • Advised Borgo AB on the establishment of its SEK50bn Swedish law governed MTN and Covered Bond programme and parallel issuance senior MTNs of SEK1.75bn; its issuance of SEK5.5bn standalone covered bonds and the simultaneous issuer change under and transfer of SEK10.5bn covered bonds (and underlying mortgage loans) by means of a cross-border de-merger.
  • Advised EQT AB in connection with its €1.5bn sustainability-linked bonds.
  • Advised Skandinaviska Enskilda Banken AB in connection with the issuance of Additional Tier 1 Capital (AT1) of $500m to optimise its capital structure.

White & Case Advokat AB

White & Case Advokat AB has a strong track record in ECM transactions and has considerable experience in IPOs, SPAC IPOs and private placements on the Nasdaq Stockholm and First North stock exchanges. The group acts for issuers and underwriters and offers Swedish and US law advice under one roof. Rikard Stenberg co-heads the team and is recommended for cross-border M&A matters, and fellow co-head Johan Thiman handles M&A as well as corporate governance and securities regulatory matters. Senior counsel Michael Bark-Jones is a key name for DCM matters and assists with high-yield and investment-grade bond offerings for Nordic and international entities.

Practice head(s):

Rikard Stenberg; Johan Thiman

Other key lawyers:

Michael Bark-Jones; Carl Hugo Parment


‘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 close to you and are responsive to all questions.’

Key clients

ABG Sundal Collier

Carnegie Investment Bank AB

Cary Group Holding AB

Citigroup Global Markets AG

Danske Bank


Norva24 Group AB

Pierce Group AB

FSN Capital

Goldman Sachs


J.P. Morgan

Jefferies International Limited

Karo Pharma

Kjell & Company

Momentum Software Group AB

Nordea Bank Abp

Nordic Capital

Nordic Entertainment Group (NENT Group)

Orbital Systems Inc.

Pareto Securities

Skandinaviska Enskilda Banken


Summa Equity


Verlinvest S.A / Oatly

Work highlights

  • Advising Nordea as Sole Global Coordinator and Joint Bookrunner, and Carnegie as Joint Bookrunner, on the SEK1.82bn IPO and Nasdaq Stockholm listing of engcon AB, a leading manufacturer of tiltrotators.
  • Advised Momentum Software, a SaaS company that offers cloud- based property management systems to Swedish property owners, and its principal owner Bas Invest IV AB, on its SEK1bn IPO and listing on Nasdaq First North Growth Market.
  • Advised DNB, Nordea and Swedbank as joint global coordinators on the SEK2bn rights issuance of Stillfront Group AB, an online gaming group.