The anti-drone company Sensofusion is making one of Finland’s largest stock market listings

The subscription price of the company’s shares was EUR 16.41 per share.

Sensofusion’s market value immediately after the IPO is approximately EUR 1.6 billion.

With the offering, it aimed to raise gross assets of approximately EUR 259 million, or EUR 300 million, if the additional share option is realized.

According to the company, the demand in the initial public offering was strong and the issue was oversubscribed several times.

The anchor investors are the employment pension insurance companies Elo and Varma, Keskinäinen Eläkevakuutushtiö Ilmarinen and some funds of OP-Rahastoyhtiö. Almost 95 percent of the shares offered were aimed at institutional investors.

The public issue offered to small investors plays a smaller role.

Trading in the shares is expected to start on the Helsinki Stock Exchange on the pre-list, i.e. advance list, approximately on October 9, and on the actual main list on October 13.

At issue is an exceptionally large listing on the main list of the Helsinki Stock Exchange.

It means that Sensofusion is joining the ranks of big companies on the Helsinki Stock Exchange. Sanoma, the media company that publishes Helsingin Sanom, is in the same size category.

Based on the capital raised, the IPO is the fifth largest in Finland in the last 20 years and the fourth largest in terms of market value.

If technical IPOs and IPOs carried out in connection with divisions are excluded from the review, it would be the second largest IPO in Finland in terms of market value in 20 years.

To the expected relative to market value, however, the company is still at an early stage and its turnover is small.

Sensofusion is one of the fastest growing Finnish growth companies, but also rarely profitable. Last year’s turnover grew by almost 88 percent from the previous year and was 35 million euros. The operating result was 23.3 million euros, or as much as 66 percent of the turnover.

In January–June 2026, the company’s turnover was already 26 million euros, while a year earlier the turnover for the first half of the year was 11.7 million. Growth has therefore accelerated in the first half of this year.

The valuation level has risen rapidly, because at the turn of the year investors – such as Lifeline Ventures and Varma – estimated the company to be worth EUR 550 million in a EUR 45 million financing round.

Due to the fast and profitable growth, Sensofusion’s valuation has more than doubled quickly.

The ratio of Sensofusion’s enterprise value to operating profit, or the ev/ebit ratio, is 40. It is remarkably high compared to, for example, more established and larger companies in the defense sector.

However, in the technology sector, the pricing of a growth company is not quite straightforward. In any case, Sensofusion’s valuation has been significantly loaded with expectations of growth in the coming years.

Sensofusionin the main product Airfence is an anti-drone system that identifies and locates enemy drones. It can also destroy them by jamming their radio signal. At the same time, Sensofusion has developed new identification devices, such as an optical sensor.

In addition to detecting drones, it is necessary to combat them. The new products include a small drone flying with an electric motor, which can be sent against enemy planes, for example in swarms.

For the production of drones, Sensofusion has developed a mini-factory built in a sea container. In a container that is brought near the front, 3D printers can be used to manufacture desired drones where they are needed.

In the spring, Sensofusion announced that it would buy the aircraft manufacturer Atol Aviation. It is the only aircraft factory in Finland, which is especially known for its water-landing small planes.

Sensofusion is also developing its own satellite, which will bring its sensors that detect drones into the atmosphere. The launch of the first satellite is planned for 2027.

The company intends to use the funds collected in the listing to finance its growth strategy and technology development. During the current year, the company will expand its international production in Canada and Great Britain. At the Vantaa factory, the production facilities will be multiplied by three new land acquisitions.

The company founder and CEO Tuomas Rasila owned approximately 82 percent of Sensofusion through his company Haave Oy before the listing. The value of the ownership at the current market value is more than one billion.

The listing is not about a large exit from the old owners or financing, but the vast majority of the funds go directly to the company’s coffers.

In the IPO, Haave Oy and one of the company’s other shareholders sold shares for a total of around 16.4 million euros. Rasila has committed not to sell more of its shares for 720 days after the listing.

Typically, in growth companies at this stage, the companies have had to raise a lot of capital from investors over the years, and with each funding round, the founders’ ownership has decreased.

Rasila financed the initial product development itself with the profits of his previous software companies, and external investors were only brought in after the company had already grown to be profitable. In this way, he has a larger than usual ownership of the company when it goes public.