Shares in Carnegie, the Nordic investment bank, shot up on their first day of trading, rising 18% in the first three hours.

The Skr1.35bn (€147m) initial public offering (IPO) had been more than 30 times oversubscribed, enabling selling shareholder Singer & Friedlander, the UK merchant bank, to price the issue at the top of the range. After being sold at Skr115, the shares rose to Skr136 by midday. This takes the value of Carnegie to Skr9.1bn.