Harvia Debuts on Nasdaq Helsinki at EUR 5.00, IPO Oversubscribed

Harvia Plc, the Muurame-based Finnish sauna heater manufacturer, began trading on the Helsinki Stock Exchange’s pre-list today at EUR 5.00 per share. The IPO was oversubscribed, priced at the bottom of its EUR 5.00 to 6.10 range, and valued the company at approximately EUR 93.5 million immediately following the listing. Official list trading begins 26 March 2018. (Ongoing coverage, stock chart, and the full acquisitions timeline live in our Harvia News hub.)

IPO mechanics

Harvia issued 9,014,436 new shares in the offering, corresponding to approximately 48.2% of the company’s shares and votes immediately following the IPO. The sale of existing shares accounted for another 6.7%. Gross proceeds of roughly EUR 45 million will be used primarily to repay existing debt and to fund growth investments.

CapMan, the Nordic private equity firm that acquired Harvia in 2014, remains a significant shareholder with more than 20% of outstanding shares. Two CapMan-managed funds held a combined 69.5% of Harvia before the IPO. The number of shareholders after the listing jumped to roughly 2,000.

Why it matters

Harvia’s listing gives it access to equity capital that competitors like TyloHelo (privately held), KLAFS (privately held by the Oswald family at the time), and smaller Estonian and Finnish heater makers cannot match.

The proceeds are earmarked for debt reduction, geographic expansion, and potential acquisitions. Harvia management has signaled that the fragmented European sauna market contains consolidation opportunities, and public capital gives Harvia the balance sheet to act on them.

Company fundamentals

Harvia reported revenue of EUR 60.1 million in 2017, with adjusted EBITDA margins above 20%. The company employs some 365 people in Finland, China and Hong Kong, Romania, Austria, Germany and Estonia. Its product portfolio spans traditional electric heaters, wood-burning heaters, infrared cabins, and sauna controls. North America accounted for about EUR 3 million of 2017 revenue, roughly half of it through the barrel sauna maker Almost Heaven Saunas, a Harvia customer since 2013.

Correction, September 25, 2026: an earlier version of this article said the IPO priced at the top of its range, that Harvia’s 2017 net sales were about EUR 64.2 million with roughly 360 employees, that Harvia had moved to acquire Almost Heaven, that its first post-IPO report would cover January to June 2018, and that Harvia was the first sauna manufacturer ever listed on a major European exchange and the only listed pure-play sauna company. The EUR 5.00 price was the bottom of the EUR 5.00 to 6.10 range; 2017 revenue was EUR 60.1 million with some 365 employees; the Almost Heaven deal was announced in December 2018; and the first post-IPO report covered January to March 2018 and was published in May, per Harvia’s releases on the price range, the final subscription price and the Almost Heaven acquisition. The first-and-only claims were not supported by a source and have been removed. Its summary also dated the pricing to 22 March 2018; the final price was set on 21 March, and pre-list trading began on 22 March, per the final subscription price release.