The Blue Lagoon is heading to the stock exchange, and this is going to be an unconventional IPO

The Blue Lagoon, Iceland's famous geothermal spa, plans to list on the Nasdaq Iceland stock exchange in November 2026. Revenue in 2025 reached approximately €156 million, a 36% increase. The site is located in an active volcanic area that has caused repeated closures. The valuation has not yet been published.

Iceland's famous geothermal spa, the Blue Lagoon, plans to list its shares on the Nasdaq Iceland stock exchange in November 2026, after shareholders approved the move on Friday. The IPO is expected to be unconventional due to the site's location on the Reykjanes Peninsula, an area suffering from repeated volcanic eruptions. The company had already planned an IPO in 2022, but the eruptions disrupted those plans. Despite the challenges, the group's revenue in 2025 reached approximately €156 million, an increase of about 36% compared to the previous year. Operating profit (EBITDA) reached €29.4 million, compared to €9.6 million in 2024. Alongside the spa, the group operates luxury hotels, restaurants, and skincare products. Shareholders approved an option plan for approximately 700 permanent employees. The requested valuation for the IPO has not yet been published.