Denmark's Hidden IPO Pipeline: 54 Companies, Including Pleo and Lunar, Could Go Public by 2030

"Denmark is home to 54 high-potential companies that could go public by 2030, according to a new analysis by The Association of Listed Danish Companies (Foreningen af Børsnoterede Virksomheder -FBV). The list spans a diverse range of industries and includes scalable startups like Pleo, Lunar, Veo, and Too Good To Go, as well as established businesses such as LEGO and Falck, signaling a robust pipeline for future IPOs in Denmark."

"The report comes at a time when Denmark has seen a decline in public listings, with the last major IPO being Gubra in March 2023. Despite this, the analysis reveals that the potential for new listings is stronger than often assumed. The 54 candidates collectively represent nearly a third of the current Danish stock market, highlighting the untapped opportunities for growth and investment in the country."

"Traditionally, Danish startups have followed a path of venture capital funding followed by a trade sale or private equity buyout, with IPOs often seen as a distant or even unrealistic goal. However, the FBV analysis suggests that this mindset may be shifting. The report has however also had many commenting on the realism of it, and if all these companies truly are ready for an future IPO."

""It's not just Pleo and Veo, where Jeppe Rindom and Henrik Theisbæk have publicly toyed with IPO ideas, but also Lunar, Flatpay, Podimo, Corti, Monta, Too Good To Go, and others are also potential candidates. In the U.S., no one would bat an eye, but here, the usual path is venture capital until a private equity firm or industrial buyer takes over from the founders," notes Jesper Højberg Christensen of Bootstrapping.dk."

Denmark has 54 high-potential companies that could go public by 2030, covering multiple industries and including scalable startups and established businesses. The candidates represent nearly a third of the current Danish stock market, indicating substantial untapped growth potential. Public listings have declined, with the last major IPO occurring in March 2023, yet the pipeline for future listings appears stronger than commonly assumed. Many Danish companies have traditionally pursued venture capital funding followed by trade sales or private equity buyouts, making IPOs seem distant. The analysis suggests attitudes may be shifting, while realism of readiness remains debated. Revitalization depends on encouraging pension funds to invest more in Danish equities and taking additional steps to support IPO success.

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