---
title: "Northern IPOs: Norrhydro and LapWall | Yrjö Trög and Jarmo Pekkarinen | Negotiator 136"
titleOriginal: "Pohjoisen listautujat Norrhydro LapWall | Yrjö Trög Jarmo Pekkarinen | Neuvottelija 136"
episodeNumber: "136"
guest: "Yrjö Trög, Jarmo Pekkarinen"
datePublished: 2022-05-07
duration: "44:29"
youtube: "https://www.youtube.com/watch?v=LDQcIo_KG8k"
originalLanguage: "fi"
topics: ["investing_markets","ownership_capital_tax","ma_exits"]
subtitleMethod: "none"
provenance: "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one. The marks are genuine: fifty-three of them, with gaps from ten seconds to nearly two minutes, tracking the recording rather than a grid. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. Both guests led companies that had listed six months earlier and are describing their own offerings and their own share price; the episode is promotional in that respect and nothing in it is investment advice. Norrhydro's share offering event is the one produced by the guests of EP141 of this same programme. Figures, targets and ownership are those of spring 2022."
fiCanonical: "https://www.neuvottelija.fi/fi/episodes/184-pohjoisen-listautujat-norrhydro-lapwall-yrjo-trog-jarmo-pekk"
canonical: https://www.neuvottelija.com/podcast/episodes/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/
---
# Northern IPOs: Norrhydro and LapWall | Yrjö Trög and Jarmo Pekkarinen | Negotiator 136

English subtitles are not available on this page. This is an episode summary, not a curated transcript.

## Chapters

- [00:00](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=0s) The guests, Yrjö Trög and Jarmo Pekkarinen, introduce themselves
- [00:53](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=53s) What Norrhydro does in Rovaniemi
- [01:46](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=106s) Hydraulic cylinders, and NorrDigi's future value
- [02:50](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=170s) LapWall, and the trademark fight over the LEKO name
- [03:20](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=200s) Timber elements, and construction moving into factories
- [04:02](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=242s) What sizes the elements and the cylinders come in
- [05:02](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=302s) How the share price has moved since listing
- [06:10](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=370s) Anchor investors and pricing the offering
- [07:12](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=432s) Scaling back, the over-allotment option and an 8.8 times oversubscription
- [08:11](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=491s) People's shares, and thousands of new owners
- [08:39](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=519s) Where the name LapWall came from
- [09:27](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=567s) Pyhäntä, and the listed companies of Northern Finland
- [09:56](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=596s) Why the new factory stayed in Rovaniemi
- [10:53](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=653s) The small-town philosophy in the engineering industry
- [11:31](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=691s) LapWall's acquisitions in Pälkäne and Veteli
- [13:17](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=797s) A 70 per cent market share in warm roof elements
- [14:14](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=854s) Walls and roofs weatherproofed by a single supplier
- [14:48](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=888s) Airports and Wärtsilä as references
- [15:32](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=932s) The Motiomax deal and Norrhydro's acquisition strategy
- [16:44](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1004s) Norrhydro's customer segments, and NorrDigi's role
- [17:45](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1065s) Why an electric motor does not replace hydraulics
- [19:31](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1171s) Electrification and NorrDigi's market potential
- [20:06](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1206s) The long design cycles of machine builders
- [20:35](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1235s) LapWall's Swedish expedition, and what it taught
- [22:37](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1357s) Export readiness, and the size of the Finnish market
- [23:23](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1403s) Culture eats strategy for breakfast
- [23:33](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1413s) Experiences in Korea, and the Asian market
- [24:49](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1489s) The Rovaniemi factory serves Europe
- [25:17](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1517s) Exporting through Finnish customer relationships
- [25:45](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1545s) Fragmentation in construction, and the dishonest operators
- [26:15](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1575s) A Ponsse background, and Einari's book
- [26:49](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1609s) Entrepreneurship and the stock exchange together
- [27:14](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1634s) Norrhydro is looking for a new chief executive
- [27:50](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1670s) LapWall's ownership base, and professional management
- [28:51](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1731s) A target of 70 million in revenue by 2026
- [29:17](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1757s) The modular experiment, and why the world was not ready
- [30:46](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1846s) Construction is fifty years behind other industries
- [31:17](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1877s) Standard products as the precondition for factory production
- [31:47](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1907s) Offering proceeds going into digital technology and automation
- [32:07](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=1927s) House factories against a product industry company
- [33:35](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2015s) What the prototype did to production volume
- [33:54](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2034s) Customer tailoring, and outsourcing by machine builders
- [35:07](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2107s) A complete system with intelligence in it, at five times the price
- [36:28](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2188s) Automation in the new factory, and lean flow
- [37:30](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2250s) Flexibility in mixed-series production
- [38:38](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2318s) What they would do differently in the listing
- [39:22](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2362s) Unnecessary documentation, and digital marketing
- [40:07](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2407s) The anchor investor meetings decided the offering
- [40:58](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2458s) LapWall's offering in a falling market
- [42:07](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2527s) Thirty per cent of the staff are shareholders
- [42:33](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2553s) The cost of listing, and the missing concept
- [43:17](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2597s) The nerve to press the button in an uncertain world
- [43:49](https://www.youtube.com/watch?v=LDQcIo_KG8k&t=2629s) Closing words and thanks

## Summary

Two Northern Finnish First North listings at the same table, six months after the offering. Yrjö Trög of Norrhydro and Jarmo Pekkarinen of LapWall explain how the price was set through anchor investors, why anchors were over-collected as insurance, and how scaling and the over-allotment option worked in practice: Norrhydro's 8 million euro offering drew 56 million in subscriptions and LapWall's was 8.8 times oversubscribed. Also here: NorrDigi's promise for the electrification of hydraulics, LapWall's LEKO system and its 70 per cent share of warm roof elements, a failed export push into Sweden, and why construction is fifty years behind other industries.

## The book was closed before it opened

Both offerings were effectively priced in the anchor investor meetings. By the time the public book opened, the number that mattered had been agreed with a handful of institutions — which is why an 8.8 times oversubscription tells you about demand at a price someone else set, not about what the market would have paid.

## Insurance you pay for in scaling

Collecting more anchors than the offering needs protects against the book falling short. The cost lands on everyone who subscribed and got a fraction, and the guests are candid that the trade was made deliberately rather than as an accident of demand.

## Standard products come first

The claim that construction trails other industries by fifty years gets a specific explanation here: factory production requires a standard product, and construction sells bespoke ones. Automation is downstream of that, which is why buying machinery has not closed the gap for anyone.


## Watch

The recording lives on the Neuvottelija channel: [Pohjoisen listautujat Norrhydro LapWall | Yrjö Trög Jarmo Pekkarinen | Neuvottelija 136](https://www.youtube.com/watch?v=LDQcIo_KG8k).
A Finnish edition of this episode is published at [www.neuvottelija.fi](https://www.neuvottelija.fi/fi/episodes/184-pohjoisen-listautujat-norrhydro-lapwall-yrjo-trog-jarmo-pekk).

## In depth

The Neuvottelija AI editions carry a long-form write-up of this episode:
[English](https://www.neuvottelija.com/ai/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/) · [suomeksi](https://www.neuvottelija.fi/economy/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/).

## Explore the ideas in depth

- [How to Sell a Company in Finland: An M&A Banker's Guide to a Clean Exit](https://www.neuvottelija.com/guides/how-to-sell-a-company-in-finland/): A practical guide to selling a company in Finland and the Nordics — the process phase by phase, share deal vs asset deal, valuation, due diligence, buyer types, deal structures, taxes on the sale, minority squeeze-outs and the ownership context that shapes every exit. Grounded in Neuvottelija conversations and Translink M&A practice.
- [Nordic SaaS Valuation & M&A: How AI Reprices Software Companies](https://www.neuvottelija.com/guides/nordic-saas-valuation-and-ma/): How software companies in the Nordics are valued and sold as AI moves inference into the cost of goods sold — where multiples stand in mid-2026, the metrics that get repriced, why vertical SaaS defends its premium, AI due diligence, and the shift from seats to outcomes. Grounded in Translink's SaaS valuation work and Neuvottelija conversations.
- [Private equity in Finland: active ownership, growth and AI-assisted investor relations](https://www.neuvottelija.com/guides/private-equity-finland-active-ownership-and-ai/): A practical guide to venture capital, growth and buyouts, ownership economics, risks and investor communication — with Pia Santavirta’s Neuvottelija 94 interview and Sami Miettinen’s March 2026 FVCA workshop.

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Cite as: Sami Miettinen, Neuvottelija — Northern IPOs: Norrhydro and LapWall | Yrjö Trög and Jarmo Pekkarinen | Negotiator 136, https://www.neuvottelija.com/podcast/episodes/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/, 2022-05-07. For quotes include episode 136 and timestamp.