Quantum firm IQM's shares soar on Helsinki debut after U.S. listing

Quantum computer developer IQM experienced a strong debut on the Helsinki stock exchange Friday, with its shares rapidly climbing after trading began. The stock opened at 15 euros and surged to approximately 16.9 euros shortly after, marking a significant 12.5% increase.

This listing follows a parallel debut in the United States, where trading of the company's depositary receipts commenced on the Nasdaq technology exchange on Thursday. On Nasdaq, the stock closed the trading day up 2.12%.

IQM's listing was achieved through a merger with Real Asset Acquisition Corp (RAAQ), a special purpose acquisition company (SPAC) already listed on Nasdaq. Founded in 2018, IQM develops and manufactures quantum computers, along with related software and service solutions. This makes IQM the first European quantum computer company to be publicly listed in the U.S.

The listing aims to provide IQM with growth capital for its development efforts. The transaction is expected to significantly bolster IQM's cash reserves, potentially reaching up to 337 million euros. This includes approximately 119 million euros from a "PIPE" financing round, which involves additional funding from institutional investors. Notable investors in this package include Finnish pension companies Varma and Ilmarinen, as well as the state-owned investment company Tesi. Varma, an existing investor since 2022, announced a further $40 million investment in IQM.