2025 – what a year it was!
A big thank you to all of you who created an account, traded, followed companies and became part of our growing ecosystem.
On 6 February we launched our first beta version of the platform, and on 24 September we released the next major update – with improved data, more features and an even more user-friendly interface. A lot has happened since then, both internally and on the unlisted market.
Top lists 2025
When it comes to trading on the platform, certain companies have stood out. Here is the top list of the 10 most popular unlisted shares – based on the number of trades – as well as those with the largest share price increases and decreases over the whole year.
The biggest events in unlisted shares in 2025
2025 was the year the capital market truly came back to life after two years of caution. Stock markets touched new all‑time highs, the IPO‑window opened selectively and activity on the grey market picked up. Investors returned to unlisted shares, where many quality companies are now priced at healthier levels than in the covid‑years — an effect of the gap between buyers' and sellers' expectations finally narrowing. Below we summarise the highlights of the year and share our view of what will shape 2026.
The IPO window opened
After many twists and turns, Klarna listed in the US. The company, which only a few years ago was valued at around ~400 MDSEK, was set at around 142 MDSEK at listing. The share rose initially and peaked at around ~185 MDSEK intraday, but has since performed weakly despite lock-up and a limited free float.
WeSports Group was listed on Nasdaq First North at a valuation of 2.3 MDSEK – a good return for investors who bought the share on Eqvor a few months before the listing, at a valuation of 1.39 MDSEK. The listing received a lukewarm reception.
Röko was listed on Nasdaq Stockholm in March, at a valuation of 29.95 MDSEK. Since the listing, Röko's share first rose moderately (at most by around +25%), but then fell back and is currently trading slightly below its starting level, while the listing was nonetheless very favourable for the company's early owners.
Meds Apotek was listed on Nasdaq First North in September, at a valuation of 1.017 MDSEK. The share opened with a rise on its first day of trading and closed up around +9%, but the price has since fallen, and at the end of December 2025 it is trading below or close to the listing price.
Exits
Some names disappeared from Eqvor's platform during the year through sales. Sana and Marshall Group stood out as two of the hottest companies in Sweden, with strong interest and good outcomes for shareholders.
Marshall Group was acquired by the Chinese investment company HongShan Capital Group (HSG) at a valuation of 11.8 MDSEK, and Sana was acquired by the American company Workday at a valuation of 10 MDSEK. Huge congratulations to everyone who was part of those journeys!
Blykalla
Eqvor's most sought-after case in 2025, and also on the list of share price winners for the past year. The company delivered several concrete milestones that drove up its valuation in both the primary and secondary markets:Construction start in Oskarshamn: NCC began building the test facility – a clear step towards validating the SEALER technology in Sweden.
EIC Accelerator: Accepted with around €2.5m in grants and €15m in equity, which strengthens financing and legitimacy.
Oklo collaboration: Transatlantic collaboration to accelerate development/industrialisation (materials, supply chain, licensing).
The data centre track: Joint work with evroc & Studsvik on Sweden's first nuclear-powered data centre – showing a commercial use outside the power grid.
Capital round (~$50m): New capital from investors including Oklo, Norrsken Launcher and Armada to speed up industrialisation and commercialisation.
Einride
Long a popular name on the grey market, but at times also questioned over how its financing would last in a capital-intensive business. In 2025 the picture turned: on 1 October the company raised around 100 MUSD in new capital.
On 12 November it announced that it is going public in the US via a merger with the SPAC company Legato Merger Corp. At a valuation of around 1.8 billion USD.
On 15 December the registration documents for the deal were submitted, with the aim of completing the listing in the first half of 2026.
Doktor.se
A lot happened during the year: a confirmed listing plan targeting 2026 (Q1 2027 at the latest) and a rights issue that raised around 250 MSEK. Taken together, the announcements drove up interest on the grey market during the autumn and made the company the second most traded share on Eqvor's platform over the whole year.
Koenigsegg
A clear revaluation on the grey market during 2025 (+55%). At the same time, preparations for a possible stock market listing intensified: the recruitment of a new CFO with listing experience in August, conversion to a public limited company (publikt AB) and statements in the business press about “laying the foundation” for an IPO, as well as notices of shareholder meetings that support corporate readiness.
Mindler
On 20 August 2025 Mindler bought the British healthcare provider ieso Digital Health UK and at the same time secured around 185 MSEK in financing for the deal. The acquisition gives Mindler a strong NHS presence (including contracts in a large share of England's healthcare regions and a national contract in Scotland) and makes the UK a main market.
Quartr
The most revalued company on Eqvor's platform during the year: the share almost doubled, driven by strong ARR growth, deepened partnerships (including Perplexity) and a substantial up-round with strong investors.
Candela
Continued its global expansion with several important projects in 2025: expanded pilot‑ and commercial operating projects with the electric hydrofoil‑ferry P‑12 in Stockholm, Gothenburg and Norway, selected for passenger services in the Stockholm archipelago in 2026, and orders from both Thailand and the Maldives for the delivery of several P‑12‑vessels. Candela became the top 4 most traded share on Eqvor in 2025 and was also on our top list of the biggest share price winners.
Sigrid Therapeutics
Over the past year Sigrid took big steps forward in the hyped weight-loss niche – as a less invasive alternative to drugs such as Ozempic and Mounjaro. With its launch in the US and growing international interest, Sigrid became top 3 most traded on Eqvor.
Kaunis Iron
Among the weakest share price performances of the year, down around –66% in 2025. The positive milestone is that the Land and Environment Court of Appeal (Mark- och miljööverdomstolen) in May approved expanded mining (including two new open pits). But since the decision has not yet become legally binding, and the current deposit is nearing its end, the company risks a gap in production—the main explanation for the share price fall.
Exeger
The year's largest share price fall on the platform; the share down to around SEK 1. The fall was driven by continued financing needs and weak revenue generation after many years of high expectations. During 2025 capital was raised (around 150 MSEK in April, at least 160 MSEK in November) and a new share issue at SEK 1.00/share was decided; in addition, the Swedish Energy Agency (Energimyndigheten) granted 130 MSEK in support – but balance sheet and commercialisation risk dominated.
Looking ahead to 2026
This is what we think lies ahead: with stock markets near ATH, many high-quality late-stage companies (which postponed listing plans when the market tightened post-covid) and a clearer – if selective – IPO window, the pace of transactions is increasing. We expect more listings and exits, a continued rise in grey market activity and a wider spread between winners and losers, where real catalysts – profitability, milestones met and clear commercial traction – will be decisive.
One lesson from 2025 is how quickly listings can go from rumours and confirmation to a completed IPO – in several cases within weeks. For those who are up to date, well informed and quick off the mark, interesting opportunities arise. This is where Eqvor steps up in 2026 with new features, sharper communication and more frequent news flows – as well as some bigger news that we will be able to share very soon.
Below we have listed some companies that could be hot IPO candidates in the coming year.
In summary
The year has been marked by important milestones, not least for Eqvor as a platform but above all for the unlisted companies on it. We will continue to report on and follow the market with excitement during 2026, and you can do the same via news feeds and watchlists on Eqvor's platform.
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