‘We have some work to do’: Nasdaq Stockholm’s president on losing Klarna to New York

2026-02-19 · Source: Sifted · Field: Finance & Economics — Banking & Financial Services, Capital Markets & Investment Management · Depth: Novice, quick

Summary

Adam Kostyal, president of Nasdaq Stockholm, oversaw a strong 2025 for the Nordic exchanges, which collectively captured 60% of Europe's equity capital markets activity. This performance included raising approximately €7bn through initial public offerings (IPOs) and follow-on offerings across Nasdaq Stockholm and its sister exchanges in Helsinki, Copenhagen, and Iceland. Despite this success, Kostyal acknowledges that significant work remains, particularly in light of major European companies like Klarna opting for listings in New York rather than on European exchanges. His tenure began as Europe's IPO market showed signs of recovery, but the challenge of retaining prominent domestic companies for local listings persists.

Key takeaway

For entrepreneurs considering an IPO, the trend of European companies like Klarna listing in New York highlights the intense global competition for capital. You should thoroughly evaluate the advantages of both local and international exchanges, weighing factors like investor access, valuation potential, and regulatory environment. Don't assume a domestic listing is always the optimal path; explore all options to maximize your company's market debut.

Key insights

Nordic exchanges led European equity capital markets in 2025, yet face challenges retaining major domestic listings.

Principles

• Local exchanges must compete globally.
• IPO market recovery is ongoing.

In practice

• Analyze competitor exchange strategies.
• Improve local listing incentives.

Topics

• Nasdaq Stockholm
• European IPO Market
• Equity Capital Markets
• Klarna Listing

Best for: Entrepreneur, Investor, Business Analyst, Executive

Related on AIssential

• Revolut CEO targets 2028 for IPO — Public trust and market conditions are key drivers for Revolut's planned 2028 IPO.
• How Nasdaq Turned Its Index Into a Listings Weapon — Nasdaq leveraged its index as a strategic asset to gain competitive advantage in exchange listings.
• What’s a Bet on Kalshi Really Worth? — Kalshi's hybrid prediction market model complicates valuation but its institutional growth and new derivatives could reshape its financial identity.
• Why is the US so hard for European neobanks to crack? — European neobanks like Monzo and N26 have struggled to penetrate the US market, with Monzo recently closing operations after seven years, primarily due to high costs and regulatory complexity.
• SpaceX Files for Nasdaq IPO — Major tech companies are pursuing massive IPOs and market expansions, driven by AI and space ambitions.
• The European Founder in Latin America: What I Got Wrong and What Surprised Me — Brazil's fintech market is rapidly maturing, demanding long-term commitment and adaptability from operators.

Open in AIssential →

Editorial summary, takeaway, and curation by AIssential. Original article published by Sifted.