Nordic Bank Leads Europe IPO Arrangers as Local Listings Boom

A regional investment bank has become Europe’s most prolific underwriter of initial public offerings, tapping a rich vein of listings in the continent’s northernmost corner.

Nordic-focused DNB Carnegie worked on five IPOs so far this year that raised roughly $2 billion in proceeds, accounting for about a third of all European volumes for the period, according to data compiled by Bloomberg. The deals have catapulted the bank to the number one spot for European IPOs thus far in 2025, and number two for the wider Europe, Middle East and Africa region after Citigroup Inc.