Denmark’s three-year IPO drought ended this week when BioMar Group, a fish feed producer, listed on Nasdaq Copenhagen and opened 4 percent above its offer price.
I have watched Danish companies flee to Stockholm and New York for years. The dry spell hurt more than just bankers. For expats working in Danish startups or growth companies, the frozen IPO market meant stock options stayed locked and equity compensation remained theoretical. It also signaled something uncomfortable: Copenhagen was losing its ability to finance its own champions at home.
A thousand days without a listing
The numbers tell the story clearly. Denmark went more than 1,000 days without a single company listing on its stock exchange. That is not normal for a wealthy European economy. The post-COVID IPO boom of 2021 and early 2022 collapsed under rising interest rates and geopolitical uncertainty. Danish firms that might have floated locally chose foreign exchanges instead.
For internationals working in Danish tech, green energy or life sciences, the impact was real. Stock-based pay only matters if there is a liquid market to sell into. Pension funds and retail investors, including many expats who invest via Danish banks, looked abroad for IPO exposure. Capital flowed out. The message to foreign professionals considering a move here was clear: Denmark is conservative, cautious and increasingly sidelined.
BioMar breaks the ice
BioMar is not a sexy tech unicorn. It is a mature industrial business that produces fish feed globally. It was spun off from its parent company Schouw & Co. and listed under the internal code name Project Sushi. That detail alone shows how long the market had been waiting for something, anything, to test investor appetite.
The company’s shares opened and traded several percent above their offer price on the first day. That is a good sign. It suggests fair pricing and genuine demand. For a market that has seen retail investors burned by overpriced IPOs in the past, the early performance matters more than usual.
What this means for the market
One successful IPO does not fix a broken pipeline. BioMar is a cash-generating, established business in a sector tied to global food security and the green transition. That is attractive to ESG-focused investors. But it does not prove that Copenhagen is ready to host riskier, earlier-stage companies again.
Danish companies have structural reasons for listing abroad. The local retail investor base is smaller than in Sweden. Valuations in Copenhagen often lag behind Stockholm or New York. For founders, especially those with international teams, the calculus still favors foreign exchanges. BioMar may open the door, but it does not guarantee anyone will walk through.
The expat angle
If you are an expat in Denmark and want exposure to this IPO or future ones, the route is straightforward. You can buy shares through Danish banks like Nordea or Danske Bank, or via international brokers that access Nasdaq Copenhagen. Be aware that most prospectuses are published in Danish. English summaries exist, but risk factors and fine print require careful reading or good translation tools.
Tax treatment matters too. Capital gains and dividends from Danish shares are taxable under local rules if you are a resident. Rates and allowances change, so check Skat.dk or consult a tax adviser. If you work for a Danish company considering an IPO, review your employee share scheme now. An IPO can trigger both opportunities and unexpected tax bills.
I have spoken to enough expats in pharma and tech startups to know the frustration of holding equity in a market with no exit. BioMar alone will not solve that. But it is the first real test in over three years of whether Copenhagen can still compete for listings and capital. The stock held up on day one. Now we wait to see if others follow.
