Bain Capital has appointed DNB Carnegie and Morgan Stanley to work on a potential initial public offering of Swedish infrastructure firm Eleda, in a move that could see the company list in Stockholm as early as next year, according to people familiar with the matter cited by Bloomberg.

Rothschild & Co. has also been advising on the potential listing, though deliberations remain at an early stage and plans could change depending on market conditions.

Eleda, headquartered in Stockholm, provides infrastructure services across energy transition, digitalisation, transport, and water and sewage sectors, operating mainly in the Nordic region.

Bain acquired a controlling stake in Eleda from Altor in 2023 in a deal funded by a €765m term loan and €795m in equity from Bain, Eleda’s founders, and management. Altor retained a minority position following the transaction.

The planned IPO highlights Bain’s efforts to monetise one of its largest Nordic infrastructure investments amid sustained investor interest in energy and digital infrastructure platforms.

If successful, the listing would mark another step in Bain’s broader European exit strategy, following a wave of infrastructure-focused deals that have attracted both private equity and institutional capital to the region.

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