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Enity Holding AB: A New Chapter Begins on Nasdaq Stockholm

On June 13, 2025, Enity Holding AB (publ), recognized as the largest specialist mortgage provider across Sweden, Norway, and Finland, officially commenced trading on Nasdaq Stockholm, marking a pivotal moment in its corporate journey. The initial public offering (IPO) was priced at SEK 57 per share and experienced an overwhelming interest, being oversubscribed more than ten times, highlighting the confidence investors have in the company and its future prospects.

As of June 17, 2025, Enity’s stock closed at SEK 71.88, which translates to a market capitalization of SEK 3.6 billion. This successful IPO allowed the main shareholder, indirectly controlled by EQT, to raise approximately SEK 1.7 billion from the sale of shares, assuming the full exercise of the over-allotment option. The gross proceeds to EQT, the investment firm, are expected to be around SEK 1.2 billion under the same conditions.

Vesa Koskinen, a partner in the EQT Private Equity advisory team, noted that this listing is a logical progression in Enity's growth journey. He emphasized how it reflects the strength of its business model and the capabilities of its technology platform, suggesting that it will facilitate long-term value creation through responsible growth and inclusive lending practices.

A Transformation Under EQT’s Guidance

EQT acquired Enity, then branded as Bluestep Bank, in November 2017. Under EQT's stewardship, Enity has undergone significant modernization and has been transformed into a dedicated specialist mortgage provider. Targeting individuals often underserved by traditional banks, Enity has widened access to homeownership and introduced options that make it easier for people to refinance unsecured debts.

Furthermore, the company has not only expanded organically into new markets such as Finland but has also solidified its position in Norway through strategic acquisitions, such as Bank2 and Eiendomsfinans in 2023 and 2025, respectively. This growth trajectory is complemented by the introduction of new financial products, including an equity release offering and savings accounts that round out its mortgage-focused portfolio.

Investments in a cloud-based operating model have allowed Enity to become a fully digital specialist mortgage bank. By placing emphasis on maintaining low-risk assets and flexible underwriting, the company ensures a path of stable and profitable growth. As of March 31, 2025, Enity boasted a robust mortgage loan portfolio valued at SEK 29.3 billion, reflecting the increasing demand in a growing market.

Looking Forward

With a burgeoning base of over 25,000 shareholders attracted during the IPO process, the future looks bright for Enity. They have successfully positioned themselves as a market leader in terms of the size of their mortgage loan portfolio, and with continued support from EQT, the company is poised for sustainable long-term growth. Investors and stakeholders alike are keenly observing how Enity will further innovate in the financial services sector and uphold its commitment to inclusive lending.

In conclusion, Enity’s public debut on Nasdaq Stockholm signals an exciting new chapter for this Nordic mortgage powerhouse, establishing it as a formidable player within the financial landscape and offering promising returns for investors who believe in its vision for inclusive housing solutions.