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. But many agree that the debate is important and that the Danish IPO scene needs more success to become more important.
“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.
Three Key Steps to Revitalize the Market
To unlock Denmark’s IPO potential, the FBV report outlines three critical steps. First, encouraging pension funds to invest more in Danish equities could boost liquidity and demand in the market. Second, improving incentives for retail investors, such as lowering capital gains tax or enhancing stock savings accounts, could stimulate greater participation. Finally, simplifying the listing process and reducing associated costs would make IPOs a more attractive and accessible option for companies.
The release of the report coincides with Biomar’s announcement of its expected IPO in the first half of 2026 and the upcoming FBV Stock Market Conference on May 19. This highlight the growing momentum and interest in revitalizing Denmark’s capital markets, ensuring that more homegrown companies can scale and thrive while remaining anchored in the country.
