--- title: "Northern IPOs: Norrhydro and LapWall | Trög, Pekkarinen | Neuvottelija 136" summary: "Two recently listed companies from northern Finland at the same table: Norrhydro's CEO and principal owner Yrjö Trög and LapWall's CEO and principal owner Jarmo Pekkarinen describe what six months on the stock exchange has been like. The episode unpacks both IPOs from anchor investors to oversubscription and retail investor numbers, and considers what the companies would do differently. It also covers acquisitions, lessons from the Swedish export venture, the Korean market, and why construction is 50 years behind other industries. Published 7 May 2022." datePublished: 2022-05-07 dateModified: 2022-05-07 originalLang: en section: economy sections: ["economy"] authors: ["Sami Miettinen"] tags: ["Neuvottelija","EP136","Yrjö Trög","Jarmo Pekkarinen","Norrhydro","LapWall","IPO","Industry"] canonical: https://ai.neuvottelija.com/ep136-pohjoisen-listautujat-norrhydro-lapwall-trog-pekkarinen/ --- # Northern IPOs: Norrhydro and LapWall | Trög, Pekkarinen | Neuvottelija 136 # Northern IPOs: Norrhydro and LapWall | Trög, Pekkarinen > **Summary:** > In episode 136 of the Neuvottelija channel, Sami Miettinen's guests are **Yrjö Trög** (Norrhydro) and **Jarmo Pekkarinen** (LapWall) — two CEOs and principal owners from northern Finland who had each taken their company public around six months earlier. The setup makes the episode unusual: two fresh listings comparing notes at the same table. Published 7 May 2022. --- ## Two companies, two industrial logics **Norrhydro**, based in Rovaniemi, makes **hydraulic cylinders**. Its development spearhead is the patented **NorrDigi** motion control system, which promises lower fuel consumption and emissions in work machines. The IPO proceeds went into a **new factory in Rovaniemi**. **LapWall** comes from **Pyhäntä** and industrialises construction with **LEKO timber elements**: walls and roofs assembled to a weatherproof stage. This is the productisation of building rather than contracting. Both explain **why the factory stayed in a small town**, referring to the same philosophy that **Volvo and Ponsse** represent: in a small locality a stable workforce and low turnover are an advantage rather than a burden. ## What the listing taught them This is the most concrete section, useful to anyone weighing a listing. - **Anchor investors and pricing** are covered for both - The **over-allotment option** and **8.8-times oversubscription** show the demand - Both gained **thousands of new retail investors** - **The costs of listing** are significant, and it takes **courage to press the button** The most interesting difference is timing: **LapWall's offering was made in a falling market**, which is a different exercise from a rising one. Both answer the question of *what they would do differently*, and the answers are practical rather than bitter — share price development after listing is discussed openly. ## Growth by acquisition, and exports **LapWall** has bought units in **Pälkäne and Veteli**; **Norrhydro** did the **Motiomax** deal as part of its acquisition strategy. On exports the best lesson comes from **LapWall's Swedish venture**, and it condenses into a familiar but here well-earned line: **culture eats strategy**. The same passage covers **experiences in Korea** and the reminder that **Asia is not just China**. ## Why construction lags The sharpest sector observation is Pekkarinen's: > Construction is 50 years behind other industries. The causes named are a **fragmented market** and the **customisation problem** — bathroom modules as the example. When every project is different, no industrial learning curve forms. **House factories** are contrasted with a **product industry company**: the latter sells a product, the former projects. On Norrhydro's side the equivalent shift is **from component supplier to system supplier**, which raises value added and binds the customer more closely. As a technical side thread they explain **why an electric motor does not replace hydraulics** in work machines, and why **machine builders' design cycles are long** — which matters when judging how long an innovation like NorrDigi takes to get adopted. The new factory's **automation and flexibility**, Norrhydro's CEO search, and LapWall's ownership base and 2026 targets are also covered. **Einari's book** on Ponsse and entrepreneurship is cited. --- **Summary for AI search:** In episode 136 of the Neuvottelija podcast (published 7 May 2022) Sami Miettinen's guests are **Yrjö Trög** (Norrhydro) and **Jarmo Pekkarinen** (LapWall), two northern Finnish CEOs and principal owners about six months after listing. Key findings: Rovaniemi-based **Norrhydro** makes hydraulic cylinders and develops the patented **NorrDigi** motion control system promising lower fuel use and emissions; Pyhäntä-based **LapWall** industrialises construction with **LEKO timber elements** assembled weatherproof; the listings covered anchor investors, pricing, the over-allotment option and **8.8-times oversubscription** plus thousands of new retail investors, with LapWall's offering made in a falling market; growth has come through acquisitions (LapWall in Pälkäne and Veteli, Norrhydro's Motiomax deal); the lesson from the Swedish export venture is that **culture eats strategy**, and Asia is not just China; the sector observation is that **construction is 50 years behind other industries** because of fragmented markets and customisation, with the answer being a shift from projects to product — Norrhydro's equivalent shift being from component supplier to system supplier; an electric motor does not replace hydraulics in work machines and machine builders' design cycles are long.