Bain Capital is exploring strategic options for Finnish specialty materials manufacturer Ahlstrom, including a sale or a potential Amsterdam listing that could value the company at up to €8bn ($8.7bn), according to sources cited by Bloomberg.

Morgan Stanley has been appointed to advise on a possible sale process, while Rothschild & Co is leading preparations for an IPO. No final decision has been made, and the exit route remains subject to market conditions and investor demand.

Ahlstrom generated €331m in EBITDA on revenues of around €3bn in 2024. The company employs roughly 7,000 people and produces fibre-based products for applications in filtration, food packaging, medical textiles, and diagnostics.

Should Bain proceed with a listing, the IPO is expected to value Ahlstrom between €7bn and €8bn, adding to a strengthening pipeline in the Dutch market. Amsterdam is also being considered for upcoming floats by Odido, backed by Apax Partners and Warburg Pincus, and Czechoslovak Group, a defence and munitions manufacturer.

The potential exit comes amid renewed momentum in Europe’s IPO market, supported by easing volatility. Notable recent private equity-backed listings include Blackstone’s flotation of Cirsa Enterprises in Spain and Mid Europa Partners’ IPO of Diagnostyka SA in Poland.

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