GRK Infra went public

GRK Infra listed on Nasdaq Helsinki on 2 April 2025, trading opening on the pre-list before the shares moved to the main market two days later. The offering raised gross proceeds of approximately 45 million euros through a share issue and brought more than 2,400 new shareholders onto the register. It was the second listing on Nasdaq Helsinki that year and the first since December 2022, and the thirteenth across Nasdaq’s Nordic markets in 2025. GRK designs, builds, repairs and maintains roads, highways, railway tracks and bridges, alongside paving, electricity network construction and environmental technology work. Its customers are state agencies, municipalities and private companies, and it delivers from design through construction to maintenance. It employed approximately 1,100 people across Finland, Sweden and Estonia, generating revenue of €450–900M and an EBITDA of €50–100M in 2025. Infrastructure construction of this kind is won through public tender and executed over several years, which gives the order backlog more weight than current revenue as an indicator. Rail expertise is the narrower capability: track work requires certified crews and equipment, and the number of contractors qualified to carry it out in each country is small. The proceeds were directed at expansion in Sweden, identified as the strategic priority, where the group had been building a presence in the north and intended to extend into the south. Alongside its recorded backlog it held positions in several alliance projects at the development stage, including Rail Baltica in Estonia, the Turku tramway in Finland and the Luleå port project in Sweden.

The acquisition of GRK Infra is part of the growth strategy of Public Markets, which already has several external growth operations under its belt, notably Basic-Fit in 2016.