Linjemontage Begins Nasdaq Stockholm Trading After SEK 658 Million IPO

Linjemontage i Grästorp AB began trading on Nasdaq Stockholm on Friday after completing a secondary initial public offering valued at approximately SEK 658.3 million. The Swedish power-infrastructure contractor priced the offering at SEK 46 a share, implying a market value of about SEK 2.36 billion for all of its shares.

The base offering covered 14,311,620 existing shares, equal to about 27.9% of Linjemontage’s shares and votes. Because the IPO consists entirely of shares sold by existing owners, Linjemontage itself will not receive proceeds from the sale. The company said the offering was several times oversubscribed across international institutional investors and the Swedish public, and that more than 5,500 new shareholders were joining the register.

Nasdaq Stockholm’s admission notice says Linjemontage’s ordinary shares were admitted to trading with effect from September 25, subject to the exchange’s liquidity requirement. The stock trades under the symbol LMGAB. Nasdaq listed 51,229,500 shares as the maximum number admitted, placed the company in the Mid Cap Stockholm SEK segment and classified it within Construction and Materials.

A secondary sale rather than fresh capital

The structure of the IPO matters for how the SEK 658.3 million figure should be read. It is the value of the base block of existing shares being sold, not money being raised by Linjemontage for new projects or balance-sheet funding. Kalpataru Power Transmission Sweden AB, which has been the company’s majority owner, and certain other shareholders are the sellers.

The offering also includes an over-allotment option covering up to 2,146,743 additional existing shares from Kalpataru Sweden. At the SEK 46 offer price, that option is worth about SEK 98.8 million. If exercised in full, the total sale would rise to as many as 16,458,363 shares, or roughly 32.1% of Linjemontage’s shares and votes, with an aggregate value of about SEK 757.1 million.

Two cornerstone investors, Sweden’s Tredje AP-fonden and trade union Unionen, had committed to acquire shares worth a combined SEK 290 million when the terms were announced. The selling shareholders, members of the board and group management also entered 360-day lock-up undertakings beginning on the first trading day.

ABG Sundal Collier is acting as sole global coordinator and joint bookrunner, with Pareto Securities as joint bookrunner. ABG may also conduct market-stabilization activity for up to 30 days after trading starts, subject to the EU Market Abuse Regulation. The company said settlement is expected on September 29.

Listing gives investors a public price for a growing grid contractor

Linjemontage enters the public market after a period of rapid expansion in Nordic electricity infrastructure. For the financial year ended March 31, 2026, the company reported net sales of SEK 3.225 billion and adjusted EBITA of SEK 245 million, producing an adjusted EBITA margin of 7.6%. Its order book stood at SEK 4.349 billion at June 30.

Linjemontage describes itself as a full-service engineering, procurement and construction provider focused on power infrastructure. Its work spans substations as well as transmission and distribution networks, with capabilities across voltages up to 400 kV. The business was founded in Grästorp in 1993 and now has more than 400 employees across locations in Sweden, Norway, Croatia and India.

The order book includes large projects for Sweden’s national grid operator, Svenska kraftnät. Linjemontage said it won its largest project to date in 2024, a transmission assignment valued at approximately SEK 1 billion. In 2026 it was awarded a 400 kV substation project for Svenska kraftnät valued at about SEK 779 million. Those contracts help explain why the company is presenting its public-market story around grid modernization and the need for additional transmission capacity.

The listing broadens Linjemontage’s shareholder base but does not change the economic nature of Friday’s share sale. The proceeds go to the selling shareholders, while the company gains a quoted equity value and access to the disclosure and governance framework that comes with a Nasdaq Stockholm main-market listing. Management has said the listing is intended to increase visibility and provide a platform for the company’s longer-term development, while Kalpataru Sweden is expected to remain a major shareholder.

Trading starts on a when-issued basis

There is one technical condition attached to the debut. Nasdaq said trading will be conducted on a when-issued basis from September 25 through September 28. That means trading begins before every condition of the offering has been completed, and the exchange notice says trading would cease if the offering were not completed.

The admission notice identifies Linjemontage’s ISIN as SE0030361606 and its Nasdaq order-book ID as 538897. The timetable published with the IPO terms calls for settlement on September 29, one day after the scheduled end of the when-issued period.

The first trading day therefore marks the start of price discovery for Linjemontage shares, but it is not the final operational step in the IPO process. The immediate milestones are completion of the offering conditions, settlement on September 29 and any stabilization activity undertaken during the permitted 30-day window. After that, attention shifts to how the newly listed contractor converts its SEK 4.35 billion order book into revenue and earnings as it executes projects across the Nordic power grid.