Capital markets in Sweden

Gernandt & Danielsson Advokatbyrå

Debt capital markets transactions at Gernandt & Danielsson Advokatbyrå are handled by co-head Mikael Borg and Sofie Viktorsson; recent headline engagements included public bond issuances, capital securities issuances, EMTN programmes and corporate bond issuances for transport, pharmaceuticals and real estate clients. Fredrik Palm leads the team responsible for equity capital markets work, which includes Carl Westerberg and Gustav Skogö Nyvang. Highlights on this front include mandatory public offers, rights issuances and large-cap private placements; the practice also advises on high-value IPOs for private equity funds.

Practice head(s):

Mikael Borg; Fredrik Palm

Other key lawyers:

Sofie Viktorsson; Carl Westerberg; Gustav Skogö Nyvang


‘The team led by Fredrik Palm are efficient problem solvers. The have great availability and always deliver.’

‘Fredrik Palm is knowledgeable and service minded. Always delivers in tough situations.’

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



Sony Music

Akelius Residential Property AB

Sinch AB

Transcom AB

Fastpartner AB

Bayport Management Ltd

Vostok New Ventures Ltd Codan Services

Pareto Securities AB

Aktiebolaget Fastator



Work highlights

  • Advised Genova Property Group AB on the list change of the company’s preferential shares and the subsequent listing of ordinary shares on Nasdaq Stockholm.
  • Advised Nordstjernan AB in connection with Momentum Group AB’s recommended public offer to the shareholders of Swedol.
  • Handled Sinch AB’s issuance of corporate bonds, for the initial amount of SEK750m, within a framework amount of SEK1.5bn due in 2024. This was the client’s inaugural public bond issuance.

Mannheimer Swartling

Mannheimer Swartling maintains a dominant position in the equity capital markets scene. The expansive group, which includes new practice chair Patrik Marcelius, Nina Svensson and Emil Boström, handles large-cap rights issuances, IPOs, convertible bonds and dual listings for international corporate clients. Former practice chair Eva Hägg retains a notable company law, securities law and corporate governance practice. Premier Nordic banks and other financial institutions also engage the team on underwriting mandates. Thomas Pettersson heads up the debt capital markets team, which includes Daniel Karlsson; recent highlights include matters relating to high-yield and investment-grade bonds, securitisations, bond workouts and EMTN programmes.

Practice head(s):

Patrik Marcelius; Thomas Pettersson

Other key lawyers:

Nina Svensson; Emil Boström; Eva Hägg; Daniel Karlsson


‘Daniel Karlsson always delivers on his bond mandates. A skilled lawyer with a pragmatic mindset.’

‘Exceptional knowledge, availability and engagement. Great international network.’

‘Emil Boström – outstanding partner at the firm with a rare combination of outstanding knowledge in the legal capital markets field combined with deep understanding of commercial and the unique business needs of each company.’

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 Scandinavian Airlines on its recapitalisation plan to restore equity by SEK14.2bn and to secure SEK12bn of new funding.
  • Advised Electrolux on the separation of Electrolux Professional and listing of the shares on Nasdaq Stockholm.
  • Advised Volvo Cars on its SEK5bn issuance of convertible preference shares.


Johan Häger and Pontus Enquist head up Roschier’s debt capital markets and equity capital markets teams respectively. The department's client roster comprises underwriters and arrangers, corporate issuers, private equity sponsors and other stakeholders, which instruct the team on the full breadth of IPOs, public and private offerings and notes issuances. Ola Sandersson applies his corporate advisory and regulatory knowledge to capital markets transactions, and newly promoted partner Christoffer Benninge has a notable practice in handling rights issuances on the growth market.

Practice head(s):

Johan Häger; Pontus Enquist

Other key lawyers:

Ola Sandersson; Christoffer Benninge


‘A lot of experience in the capital markets field. Very responsive with good technical skills.’

‘Pontus Enquist is highly competent and very into the details in all matters. Skilled lawyer overall.’

‘Best team in the market due to knowledge, experience and problem-solving capabilities. Always quick turnarounds and very service minded.’

‘Friendly, competent, business minded, problem-solving and alert.’

‘Constant availability and solution oriented in its true meaning. The team actually provides advice, not assistance and dares to have a view.’

Key clients

Carnegie Investment Bank


Pareto Securities AB

Nordic Fixed Income




Danske Bank

Svenska Handelsbanken

ABG Sundal Collier

Arctic Securities

Volkswagen AG

Investor AB

Carnegie Investment Bank



Pareto Securities AB


CVC funds and portfolio company Ahlsell, Synsam and ÅR Packaging

Nordika III Fastigheter AB

Sedana Medical

Danske Bank

Alelion Energy Systems

Work highlights

  • Providing advice to the Danish Ministry of Finance (representative of the Danish Government and part owner of Scandinavian Airlines) in relation to the SEK12.5bn recapitalisation plan for the airline.
  • Advised Investor AB in connection with the IPO and listing of shares in EQT and the related reorganisation of EQT.
  • Advised sole bookrunner Pareto Securities AB in connection with a successfully placed senior secured callable bond issuance by SGL TransGroup International amounting to €315m.

Advokatfirman Vinge

Advokatfirman Vinge has impressive geographical reach with distinct equity capital markets teams across the major Swedish regions: Jesper Schönbeck leads in Stockholm; Erik Sjöman heads up the group in Malmö; and the Gothenburg practice is led by Anders Strid. The team handles the full spectrum of capital markets transactions, including headline large-cap IPOs for high-profile private equity sponsors, issuers and financial underwriters. Mikael Ståhl heads up the debt capital markets group, focusing on EMTN programmes, domestic and international high-yield and investment-grade bonds and hybrid debt/equity offerings.

Practice head(s):

Mikael Ståhl; Jesper Schönbeck; Erik Sjöman; Anders Strid


‘Vinge has a very strong presence in the Swedish market and has very professional employees when it comes to legal financial issues.’

‘Market leaders in the Swedish Capital markets area. Interprets legal/regulatory changes when there is no clear guidance in legislation.’

‘Jesper Schönbeck: responsive, pragmatic and suits our agile way of working.’

‘Erik Sjöman: outstanding and the go-to lawyer to interpret any Swedish Capital Market matters.’

Key clients

Nordea Bank

Skandinaviska Enskilda Banken AB

Goldman Sachs

Morgan Stanley & Co. International


Deutsche Bank AG

Crédit Agricole

Barclays Bank

Société Générale

Intrum AB

Lantmännen ek för

Marginalen Bank Bankaktiebolag

ZetaDisplay AB

Lifco AB

Essity Aktiebolag

Citigroup Global Markets Limited

VNV Global Ltd.

Samhällsbyggnadsbolaget i Norden AB


Investor AB

Enea AB

Fastighets AB Trianon

Azelio AB

Pandox AB

Creades AB

Vicore Pharma Holding AB

Aprea Therapeutics

Work highlights

  • Advised the underwriters and trustees (a syndicate including Barclays Bank, Citigroup and Crédit Agricole, among many others) on the annual update of issuer Stadshypotek AB’s €20bn EMTN programme.
  • Advised EQT in connection with its SEK13.4bn offering and listing on Nasdaq Stockholm and the connected reorganisation.
  • Acted as Swedish counsel to SEB on its $900m additional tier 1 capital debt instruments to optimise the bank’s capital structure, as well as in respect to issuances by SEB of $1.75bn unsecured notes in December of 2019 under SEB’s global programme for continuous issuance of medium-term notes and covered bonds.

Baker McKenzie

Joakim Falkner heads up Baker McKenzie’s EMEA capital markets group, making him a key choice for cross-border IPOs, rights offerings, private placements and other equity capital raising exercises for issuers and bookrunners. Investment banks and large-cap issuers rely on associate and 'wizard of prospectuses' Stefan Balazs for particularly complex prospectus drafting and debt capital markets matters, including MTN programmes. Falkner and Henric Roth are currently advising underwriters of headline dual listings on the Stockholm and US markets.

Practice head(s):

Joakim Falkner

Other key lawyers:

Stefan Balazs; Henric Roth; Ian Gulam; Johanna Flink


‘Highly results-oriented team with strong work-ethics and can-do attitude.’

‘Joakim Falkner is always hands on in all processes and always makes himself available.’

‘Henric Roth a a safe pair of hands, always highly reliable.’

‘Stefan Balazs- The Wizard of Prospectuses.’

‘Joakim Falkner is very knowledgeable and responsive. Vast experience of capital markets and assisting underwriters.’

‘Having worked with several of the leading firms in Sweden as well as in other countries, Baker McKenzie truly stands out with deep knowledge, firm and professional support, and accessibility. The teams always seem to have relevant and up-to-date knowledge and never shy back from any issue no matter how small or large. It is evident that Baker McKenzie is an attractive employer with the ability to attract the best. It is further very clear that the team has the utmost respect with other counterparties in the market.’

‘I am especially impressed by Ian Gulam and Stefan Balazs who both have been a fantastic team to work with. I look forward to working with them again.’

‘Stefan Balazs, Ian Gulam and Johanna Flink are kind, polite, innovative, helpful, and provide availability and and professionalism.’

Key clients






Carnegie Investment Bank

Embracer Group

JinJang and Sino CEEF

Carnegie Investment Bank, Swedbank and Nordea

Pareto Securities AB


CLS Holdings PLC

ABG Sundal Collier AB (Oasmia)

Handelsbanken, Danske Bank, Carnegie

Work highlights

  • Acted for Citigroup, Jefferies, Stifel and Carnegie in the dual listing (IPO) of Calliditas on The Nasdaq Global Select Market in the US, the first dual listing of a Swedish company in the US in many years.
  • Acted for Embracer Group on its SEK1.6bn private placement of shares to Swedish and institutional (including US) investors.
  • Acted for Nordea, Berenberg and Swedbank on the SEK1.2bn private placement of shares in Stillfront.

White & Case Advokat AB

A diverse roster of corporates, private equity clients and high-profile Nordic financial institutions engages White & Case Advokat AB’s capital markets group co-heads Rikard Stenberg and Johan Thiman on the breadth of equity listings including IPOs, rights offerings and reversed takeovers. Co-head Carl Hugo Parment leads on debt listings including advising on a number of securitisation projects for non-performing loan investors. Michael Bark-Jones also plays an active role in debt listings for underwriters, issuers and private equity sponsors, with expertise in high-yield bonds, real estate bonds, MTN programmes and bond restructuring projects.

Practice head(s):

Rikard Stenberg; Carl Hugo Parment; Johan Thiman

Other key lawyers:

Michael Bark-Jones


‘Broad competence in the capital markets field. Highly experienced partners including Rikard Stenberg and Johan Thiman. To me this is one of the absolute top firms in Sweden. Easy to access and also very responsive.’

‘Johan Thiman is extremely competent and very into the details on every matter. Hands-on and responsive. Broad range of knowledge.’

Key clients

ABG Sundal Collier

Accent Equity Partners


Atlas Copco

Aurelius Group


Cabonline Group

Capnor Weasel

Carnegie Investment Bank




Danske Bank

Deutsche Bank

DNB Bank


FSN Capital

Gaming Innovation Group Inc.

Hoist Finance



JP Morgan

Karo Pharma



Morgan Stanley

Nobia AB

Nordea Bank

Nordic Capital

Nordic Trustee


Pareto Securities

Skandinaviska Enskilda Banken (SEB)




Svenska Handelsbanken

Vator Securities

Vizrt Group

Zwipe AS

Work highlights

  • Advised EQT’s portfolio company Karo Pharma on its SEK3.4bn acquisition of Trimb Holding from Avista Capital Partners and other shareholders and the subsequent $208m rights issuance.
  • Advised Carnegie as sole global coordinator and joint bookrunner with Swedbank on the IPO and Nasdaq Helsinki listing of Optomed.
  • Advised Aurelius Equity Opportunities AB, a multi-asset manager with activities across Europe, on the issuance of up to €200m senior unsecured notes governed by Swedish law.

Advokatfirman Cederquist KB

Advokatfirman Cederquist KB's team includes Wilhelm Lüning, Fredrik Lundén and managing partner Tone Myhre-Jensen, who have notable equity capital markets expertise, acting for main and secondary market-listed companies and private equity sponsors. As well as handling the breadth of issues pertaining to rights issuances, IPOs and public tender offers, the group's close association with various regulators and market stakeholders enhances the regulatory and governance knowledge in the team. Senior counsel Svante Hultqvist handles debt capital markets transactions.

Practice head(s):

Tone Myhre-Jensen

Other key lawyers:

Wilhelm Lüning; Fredrik Lundén; Svante Hultqvist


‘Broad and solid knowledge and experience in the Swedish capital markets sector. Very well connected with regulators and all key players in the capital markets sector.’

‘Strategic thinkers; very responsive and always available; understand and work well with U.S.-based clients.’

‘Wilhelm Lüning has great judgement, is highly competent, understands the needs and pressures of his clients.’

‘Wilhelm Lüning is one of the most well connected lawyers in this sector, with access to all key players such as regulators, institutional funds, banks, the stock market etc. He has solid experience, with an ability to always see the bigger picture and move from detail to purpose.’

Key clients

Kinnevik AB

Tele2 AB

Modern Times Group MTG AB

Bonava AB

Kungsleden AB

Cloetta AB

Dustin Group AB

Addnode Group AB

Qliro Group AB

Catella AB


Autoliv AB

BillerudKorsnäs Aktiebolag


Nyfosa AB

Scandic Hotels AB

ÅF Pöyry AB

Footway Group AB

Work highlights

  • Advised Vonovia, Germany’s largest residential property company, in relation to its acquisition of a majority stake in Swedish real estate company Hembla AB.
  • Advised the Board of Directors of Hemfosa in connection with SBB’s public tender offer to the shareholders of Hemfosa.
  • Advised Kinnevik AB in connection with the distribution of all its entire shareholding in Millicom International Cellular to its shareholders in the form of Swedish depositary receipts in Millicom listed on Nasdaq Stockholm.

Cirio Advokatbyrå AB

Cirio Advokatbyrå AB advises issuers from a range of sectors including the life sciences, real estate, energy and infrastructure industries on the breadth of equity capital markets projects. Practice head Annika Andersson recently handled mid-cap private placements, directed share issuances and public offers. Jesper Johansson and Dennis Luttropp Hansson take the lead on debt capital markets instructions; investment-grade and high-yield bonds are particular fields of focus.

Practice head(s):

Annika Andersson; Dennis Luttropp Hansson

Other key lawyers:

Jesper Johansson


‘Innovative, always on the frontline seeking opportunities to solve a problem.’

‘Knowledgeable, perceptive, well-structured and dedicated team.’

Key clients


Elekta AB

AB Sagax

BEWiSynbra Group AB

Green Landscaping AB

Abliva AB (formerly NeuroVive AB)

Karolinska Development AB

Artificial Solutions International AB

MaxFastigheter i Sverige

GHP Speciality Care AB

Humlegården Fastigheter AB

Work highlights

  • Advised MaxFastigheter i Sverige, listed on Nasdaq First North Growth Market, and DNB Markets as financial adviser in connection with an issuance of units with pre-emption rights for the company’s shareholders.
  • Advised AB Sagax in connection with its private placement of Class D common shares directed towards Swedish and international professional investors in the Nordics and other other jurisdictions.
  • Advised ABB on the Swedish capital markets aspects of the divestment of Power Grids to Hitachi. The transaction valued Power Grids at $11bn.


Setterwalls’ capital markets team predominantly acts for corporate issuers on equity capital markets transactions including high-value IPOs on the main and secondary markets. Spread over three offices, the group's leadership comprises Jörgen S. Axelsson and Marcus Nivinger in Stockholm; Ola Grahn in Malmö; and Jesper Kuschel in Gothenburg. The team is prominent in the life sciences sector and is also retained by cutting-edge, listed technology clients, including unique nanosatellite producers. Carl Lindencrona handles debt mandates.

Practice head(s):

Jörgen S. Axelsson; Marcus Nivinger; Ola Grahn; Jesper Kuschel

Other key lawyers:

Carl Lindencrona


‘Setterwalls acts as an almost in-house legal counsel and knows our business genuinely. Their advice goes beyond the strict legal side as they also have the capacity to provide strategic advice, i.e. describing and discussing strategic implications of central legal decisions.’

‘Ola Grahn stands out for the ability to see beyond the strict legal aspects to have a solid understanding of our business.’

‘Provides knowledge, quality, proactiveness, team effort and availability.’

Key clients


Fastighets AB Balder

Ascelia Pharma



Maha Energy

Better Collective


Alligator Bioscience

Sivers IMA

IAR System


Qlean Air

InDex Pharmaceuticals





ÅAC ClydeSpace



Klaria Pharma




Nordisk Bergteknik

HiQ International

Work highlights

  • Advised K-Fastigheter on its IPO and listing of shares on Nasdaq Stockholm to a value of SEK906m.
  • Advised Recipharm in connection with a public offer to acquire all shares in Consort Medical, listed on London Stock Exchange to a value of £505m.
  • Advised IRRAS in connection with a rights issuance of SEK217m and listing of the company’s ordinary shares on the main market.

Advokatfirman Schjødt

Advokatfirman Schjødt’s capital markets team has a sizeable footprint in the life sciences sector, evidenced by Emil Hedberg and practice head Ylva Forsberg’s high volume of equity capital markets listings and IPOs for domestic and international issuers in the sector. The team is also retained by an array of financial services institutions from Sweden and abroad to handle high-value underwriting mandates. Seamless cooperation with the firm’s Oslo office makes the team a desirable choice for cross-border instructions in the Nordics.

Practice head(s):

Ylva Forsberg

Other key lawyers:

Emil Hedberg


‘Emil Hedberg has a responsive and and solutions-based point of view. Strong knowledge from many years within the field.’

Ylva Forsberg has great knowledge and experience from investment banking which gives her an extreme depth in her knowledge and what the risks are for a bank. Also high focus on the business of the client.

‘Among the smaller teams, but a good combination of strong legal skills, good connection with banks and other players and an innovative approach to cases.’

Emil Hedberg is clearly among the leading young capital markets lawyers in Sweden. Very experienced despite his young tenure and with a very pragmatic and market-oriented approach. While a newer entry to the upper echelons of the Stockholm capital markets arena, the legally strong, innovative and international approach clearly sets him apart from competitors at other firms.’

Key clients

Danske Bank A/S

SSM Holding AB


Webrock Ventures AB

Empir Group AB

Cision Sverige AB

Agromino A/S

Vilhelmina Mineral AB

Arctic Secuities AS

Karessa Pharma AB

Sotkamo Silver AB

Sterner Stenhus Förvaltning AB

Work highlights

  • Acted for Danske Bank and DNB Bank ASA in connection with Recipharm’s SEK2bn rights issuance and SEK500m directed share issuance for the purpose of financing Recipharm’s acquisition of Consort Medical.
  • Acted for SSM Holding on its SEK175m rights issuance for the purpose of refinancing SSM Holding’s outstanding bonds, and agreement with bondholders regarding changes to the terms of outstanding bonds of SEK400m.
  • Acted for Karessa Pharma Holding in connection with its statutory merger with Klaria Pharma Holding.

Advokatfirman Delphi

Advokatfirman Delphi’s capital markets group is headed up by Mats Dahlberg, who focuses on equity offerings including IPOs, directed share issuances and accelerated bookbuilds. Debt-related mandates are a growing area for the team, which advises on multibillon-euro EMTN programmes. New recruit Annika Melin Jakobsson brings extensive cross-border regulatory knowledge, providing advice to household-name global clients in the automotive, private equity and consumer electronics sectors.

Practice head(s):

Mats Dahlberg

Other key lawyers:

Annika Melin Jakobsson; Linnea Björkstrand


The team is excellent, both partners and associates. They are always working proactively for the best of the client.

Mats Dahlberg and Linnea Björkstrand think outside the box in a proactive way. Their advice are always based on the client’s needs.

Key clients

Cherry AB

Immunicum AB


Scout Gaming Group AB

Momentum Group AB


Sinch AB

Södra Skogsägarna




Fjärde AP-fonden (AP4)

Work highlights

  • Advised Momentum Group AB on its recommended public offer to the shareholders of Swedol AB.
  • Advised Akelius Residential Property AB on its €3bn medium term note programme.
  • Advised Rejlers AB in on its directed share issuance of new shares of Series B through an accelerated bookbuild procedure of SEK154m.

DLA Piper

DLA Piper’s capital markets team handles a high volume of equity capital markets mandates under the leadership of Richard Folke. Highlights for Folke, Peder Grandinson and Emma Norburg included advising on accelerated bookbuild procedures and recommended public offerings in the online gaming and real estate sectors. On the debt side, directed share issuances, public takeovers and bond placements are frequently handled by the practice. Though focused on advising issuers, the team also receives underwriting instructions from Nordic banks, including dual-track IPO work.

Practice head(s):

Richard Folke

Other key lawyers:

Peder Grandinson; Emma Norburg


‘Hands-on partners that go the extra mile for meeting deadlines and opining on difficult matters.’

Key clients

Stillfront Group


Moment Group

Advanced SolTech Sweden

Athanase Industrial Partner

Avanza Bank Holding

Ocean Outdoor



Alm Equity

SoltTech Energy Sweden

Tempest Security


Episurf Medical

Med Cap

NGS Group

Parans Solar Lighting

Venue Retail Group

Star Capital

Avida Holding

Net Gaming Europe

Work highlights

  • Advised Stillfront Group, a Swedish group of gaming studios and a market leader in the free-to-play online strategy games genre, on its directed share issuance of shares raising circa SEK1.2bn.
  • Acted for Ocean Outdoor, a UK-based media company specialising in super premium digital out of home (DOOH) screens, on its recommended public offer by the shareholders AdCityMedia to tender all their shares in AdCityMedia to the client.
  • Advising Advanced SolTech Sweden, a Swedish software company, on its listing on Nasdaq Stockholm First North.

Eversheds Sutherland

Practice co-heads Gabriel Albemark and Johan Engström take the lead on equity capital markets transactions at Eversheds Sutherland. Mid-cap rights issuances and IPOs on the secondary market are a point of focus; recent highlights came from a technology-heavy client list comprising software, cloud computing, life sciences and cybersecurity companies. Co-head Philip Heilbrunn handles debt capital markets instructions. The group also leverages the firm's global network to advise on cross-border deals.

Practice head(s):

Gabriel Albemark; Philip Heilbrunn; Johan Engström


‘Strong in capital markets. Very experienced team.’

‘Competent, easy-going, hardworking.’

‘Availability and expertise is excellent.’

‘Johan Engström – Always available, creative and extremely professional.’

Key clients

Hoylu AB

Zutec Holding AB

G5 Entertainment AB

2cureX AB

NextCell Pharma AB

ZignSec AB

Enersize Oyj

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 regulatory technology company ZignSec AB on its IPO on the growth market and its SEK35m share issuance.
  • Acting for Ireland-based technology company Zutec Holding AB on all capital markets matters, including in relation to a cross-border (Sweden and Ireland) rights issuance and a directed share issuance of SEK40m.
  • Advised Phase II cell therapy company NextCell Pharma in relation to a SEK25m rights issuance and the move from Spotlight Stock Market to Nasdaq First North Growth Market.


Hammarskiöld’s client roster of multinational financial institutions regularly engages the capital markets practice, which is led by Carl-Johan Pousette, on bookrunning exercises. Noteworthy recent highlights saw the team providing advice to joint global coordinators on billion-SEK+ preferential rights offerings and top-market recommended public offerings. Corporate issuers are also counted on the client list and seek advice from the group on capital markets-related regulatory mandates.

Practice head(s):

Carl-Johan Pousette


‘Very experienced senior attention.’

‘Carl-Johan Pousette stands out in being one of the most experienced capital markets legal advisers in the Swedish market. In addition, he is very pragmatic and business minded and always gives clear, well-founded and actionable advice.’

Key clients


DNB Markets


Bauer Media Group / Zmarta Group

Deutsche Bank

ABG Sundal Collier

Nordea Bank Abp



JP Morgan Securities

Goldman Sachs International

Work highlights

  • Advised J.P. Morgan Securities, ABG Sundal Collier and Nordea Bank on Samhällsbyggnadsbolaget i Norden (SBB)’s recommended public offer to the shareholders of Hemfosa Fastigheter (Hemfosa) to tender all common shares and preference shares in Hemfosa to SBB. The total offer consideration consisted of a combination of shares in SBB and cash.
  • Advised the mangers (including Goldman Sachs International, J.P. Morgan Securities, Citigroup and  Deutsche Bank) on Samhällsbyggnadsbolaget i Norden (SBB)’s fully guaranteed rights issuance of common shares of Class B of approximately SEK1.5bn with preferential rights for existing shareholders.
  • Advised Samhällsbyggnadsbolaget i Norden on the admission to trading of its common shares of Class B and Class D on Nasdaq Stockholm (Large Cap segment).

Hannes Snellman

In recent highlights for Hannes Snellman’s capital markets team, practice head Mattias Friberg and specialist partner Carolina Wahlby acted for bookrunner and issuer clients on high-yield bond issuances, while accelerated bookbuilds and direct issuances were handled by Christoffer Saidac on the equity side. Fredrik Olsson handles real estate listings and new partner Ola Åhman has regulatory expertise as a member of the Swedish Securities Counsel. New clients came from the industrial, financial services and medtech sectors.

Practice head(s):

Mattias Friberg

Other key lawyers:

Carolina Wahlby; Christopher Saidac; Fredrik Olsson; Ola Åhman


‘Expertise and in-depth knowledge of the capital markets. Quality minded and delivers on time.’

‘Maintains continuous dialogue with the client to proactively solve issues and mitigate and prevent legal risks.’

Key clients

Polygon AB

Triton Advisors

Stirling Square Capital Partners LLP

Logent Group

NP3 Fastigheter AB

Mekonomen AB



Eltel AB

Melker Schörling AB

Intrum Justitia AB

Sampo Plc

Cramo Plc

BVF Partners

SpareBank 1 Markets

Pöyry Plc

Greiner Bio-One

Adapteo Plc

Optomed Plc

Oasmia Pharmaceutical AB

Copperstone Resources AB

Work highlights

  • Advised Cramo Plc and Adapteo Plc on the carve-out, spin-off and listing of Adapteo Plc on the Stockholm Stock Exchange.
  • Advised NP3 Fastigheter AB on its SEK600m bond issuance and its SEK90m private placement of new preference shares.
  • Counsel to Optomed Plc on its IPO.

Advokatfirman Lindahl KB

Advokatfirman Lindahl KB reinforced its equity capital markets capabilities with recent lateral hires from Advokatfirman Westermark Anjou AB, including Monica Lagercrantz and new practice head Dennis Westermark, who both have expertise in handling IPOs and rights issuances on the main and secondary markets. A high volume of medtech, pharmaceuticals, real estate and life sciences companies recently engaged Sten Gejrot, who is the go-to name for debt capital markets matters including corporate bond issuances, directed public share issuances and public takeover offers.

Practice head(s):

Dennis Westermark

Other key lawyers:

Monica Lagercrantz; Sten Gejrot; Ola Svanberg; Mattias Prage


‘Lindahl have lengthy experience in the business of working with growth companies, accompanied by a large network of offices in Sweden which they can make use of to tackle challenges they meet in projects effectively.’

Monica Lagercrantz and Dennis Westermark have both recently moved over to Lindahl. Monica and Dennis work closely by the rules to make sure projects are completed “by the book”. In fact, they have both participated in writing books to outline certain more complicated factors within Swedish capital markets.

Ola Svanberg was a big help in establishing press releases and prospectus for a project, and took initiative to complete a risk factor section through dialogue with the client’s management.

Mattias Prage supports the client to make important decisions while keeping in mind the commercial standpoint.

‘The team is highly competent in all areas connected to capital markets.’

‘Dennis Westermark consistently provides great legal advice.’

Key clients


Acando AB

AegirBio AB

Allenex AB


Beijer Alma AB

BioArctic AB

Boule Diagnostics AB

Brighter AB

Brinova Fastigheter AB

Byggmax Group AB

Capacent Holding AB

Chromogenics AB

Cimco Marine AB

Coeli Private Equity AB


Eurocine Vaccines

FormPipe Software

Fortnox AB

Hanza Holding

Helios Investment Partners

IMINT Image Intelligence

ISR Immune System Regulation Holding AB

Ivisys AB

International Finance Corporation

Karolinska Development AB

Klövern AB

LifeAssays AB

Mackmyra Svensk Whisky AB


Miris Holding

Millicom International Cellular S.A.

Nanologica AB

Nolato AB

Pharmacolog i Uppsala

PledPharma AB

Prevas AB

Q-linea AB



Spotlight Stock Market

SHH Bostad A

Work highlights

  • Advised Host Property on the issuance of senior secured and guaranteed floating-rate bonds amounting to SEK500m and the listing of the bonds on First North Bond Market.
  • Advised Q-linea, a company listed on Nasdaq Stockholm, on a SEK270m private placement of shares directed to institutional and qualified private investors. The transaction was carried out through an accelerated bookbuild.
  • Advised Coeli Private Equity on its fund formation, by way of a large multi-fund merger of nine private equity funds aimed at non-professional investors into a newly established fund company, and the subsequent listing of the shares in the new fund company on a regulated market.


Linklaters’ capital markets team assists both issuers and Nordic lenders with the breadth of IPO and share placement activity. Co-head Fredrik Lindqvist focuses on equity listings with key support from managing associate Nima Naderi, notably acting for investment banking consortiums on high-profile trading debuts in the private equity space. Co-head Patrik Björklund and managing associate Arthur Klintred lead on debt placements, including investment grade and EMTN programmes. Hybrid note schemes in the property sector are also handled by the team.

Practice head(s):

Fredrik Lindqvist; Patrik Björklund

Other key lawyers:

Nima Naderi; Arthur Klintred

Key clients

Nordea Bank AB


Danske Bank A/S

Deutsche Bank


Bank of America Merill Lynch

J.P. Morgan



Alecta Pensionsförsäkring

Work highlights

  • Advised a consortium of investment banks in connection with EQT’s IPO and listing on Nasdaq Stockholm.
  • Advised the global coordinators on the issuance of Akelius Residential Property’s Class D ordinary shares on the Nasdaq First North Growth Market.
  • Advised Merrill Lynch International as arranger on the $25bn global MTN programme issued by Nordea Bank.

Törngren Magnell & Partners Advokatfirma KB

Stand-out recent mandates for Törngren Magnell & Partners Advokatfirma KB’s capital markets team included spin-off and IPO projects in the e-commerce sector, mid-cap rights offerings on the growth market, and equity offerings for listed clients in the pharmaceuticals sector. Practice heads Johan Wigh and Sandra Broneus also work in close collaboration with the banking and finance desk to handle debt capital markets offerings and recapitalisations.

Practice head(s):

Johan Wigh; Sandra Broneus

Key clients

Qliro Group

Prime Living

Arla Plast


Adventure Box Technology AB

SaltX Technology Holding

myFC Holding


EnergyO Solutions Russia

Samhällsbyggnadsbolaget i Norden

Frill Holding


Svenska Aerogel Holding

Work highlights

  • Acting as legal counsel to Qliro Group AB on its spin-off and IPO of e-commerce marketplace CDON AB on the Nasdaq growth market.
  • Advised RNB Retail and Brands on its rights issuance of SEK85m. In addition, the firm assisted the clients with the written procedure for its SEK400m senior secured bond.
  • Acted as legal counsel to Divio Technologies in connection with the company’s IPO on the Nasdaq growth market.

Bird & Bird

Ola Lidström leads on capital markets instructions at Bird & Bird, with an emphasis on the technology and life sciences sectors, often in collaboration with the office’s IP practice. Recent engagements included advising on mid-cap IPOs for software clients and directed share issuances for medtech and insurtech companies. Jan Byström and Mårten Willamo have experience in handling private equity-driven IPOs.

Practice head(s):

Ola Lidström

Other key lawyers:

Jan Byström; Mårten Willamo

Key clients

Seafire AB

Eurobattery Minerals AB (Orezone AB)

RNB Retails and Brands AB

Nordic Iron Ore AB

Hitech & Development Wireless Sweden Holding AB


ChromoGenics AB

Botnia Exploration Holding AB

Iconovo AB

Greater Than AB

Work highlights

  • Advised Eurobattery Minerals AB in connection with its investment and staged acquisition of all the shares in Vulcan Hautalampi Oy.
  • Advised ready-to-use inhalation device developer and manufacturer Iconovo AB on its SEK60m directed share issuance.
  • Advised ChromoGenics AB, a high performance façade glass manufacturer, on its SEK100.6m rights issuance.


At WistrandMonica Petersson and Erik Hygrell handle debt and equity capital markets issuances respectively. The group advises on the breadth of IPOs, securitisations, equity issuances and other capital raising projects.

Other key lawyers:

Monica Petersson; Erik Hygrell