I wonder what the FIN-FSA’s reaction would be if one were to put securities up for sale on Tori, for example? I wonder if the Toridiili terms also apply to securities trading?
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You can buy and sell your own property however you like. If a stock is not publicly listed, securities trading regulations do not apply. On the other hand, transfer tax must be paid – as I understand it, this is also a major reason why a business model like Privanet’s doesn’t work. If a 3% “commission” goes to the tax authorities, the broker would have to add their own fees on top of that, which quickly drives prices so high that the whole thing makes no sense for the customers.
The transfer tax is 1.5%, but Springvest shares always have a redemption clause, which is why there is no trading; why buy when someone will just exercise the redemption right if the deal is good.
Yes, 1.5% per trade. So the difference between the selling and buying price of the share must be at least 3% to make a profit, as transfer tax is paid both when buying and eventually when disposing of the share.
The transfer tax is paid only by the buyer, and no tax needs to be paid if the shares are acquired through a share issue or if the transaction value is under €660.
Through a share issue, true, there is no transfer tax in new issues.
Instead, if I recall correctly, Privanet did not want to bring the buyer and seller into direct contact (e.g., as parties to a sales agreement), so they cycled the shares through their own balance sheet. This meant that transfer tax was paid twice in every transaction.
Another option would be to act as a broker for orders in unlisted shares, bringing the parties to the trade together and managing the signing of the agreement between them. In this case, however, the parties would find out each other’s names, which not everyone is ready for, for understandable reasons. Therefore, using one’s own balance sheet easily becomes the preferred approach.
Here are Kassu’s pre-release comments as Springvest publishes its H2 results on Wednesday 
Springvest will publish its H2 results on Wednesday, February 11. We expect the results to have decreased from the comparison period along with the funding raised. We have made no changes to our forecasts, so we reiterate our 9.5 euro target price. However, due to the clearly declined share price, we are raising our recommendation to the ‘Reduce’ level (previously ‘Sell’).
Kasper interviewed Springvest’s CEO Aki Soudunsaari and CFO Juuso Viitanen regarding Q4
Topics:
00:00 Introduction
00:11 Half-year update
01:55 Growth in the volume of growth financing
03:50 Availability of financing
14:11 Ownership stakes
17:21 HT Growth partners
21:23 Year 2026
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Kasper has published a new company report on Springvest following H2.
Springvest’s end of the year was reasonably good in terms of capital raised, and the outlook for growth financing has remained at least decent. On the other hand, the hype surrounding Donut Lab has largely been deflated from the share price, so we view the current valuation as quite neutral relative to the sum-of-the-parts. We reiterate our target price of EUR 9.5 and our Reduce recommendation.
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I checked Donut Lab’s shareholder list a little while ago.
| SPRINGVEST OY 1596 0.3617579% |
|---|
The stake is small and only keeps decreasing…
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Springvest’s website isn’t up to the task for Desentum’s offering. They already crashed yesterday because of the first €3M, and it filled up. Now, €4M in investments in 4 minutes and you can’t get in properly. Full in under 8 minutes. There was certainly demand. I only made it into the queue myself.
Another round of over €7M for the start of the year
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Springvest’s sales don’t seem to be hindered by flying missiles, the orange man’s antics, or general uncertainty in the financial markets. An impressive feat to raise €8M for a drug development company in a few minutes. So much capital has already been raised for Desentum that it would be more relevant to consider its exit potential than the plausibility of the donut battery 
Ultimately, the company has proven to be quite defensive in recent years. Well-selected offerings are fully subscribed, operational results are being generated, and the growth company portfolio continues to grow and grow.
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There was certainly demand. I only made it to the queue myself.
From CEO Aki’s LinkedIn post: The funding round was record-breakingly fast, and it was great to see the immense interest it has sparked among our investor clients. Hundreds of investors were left in the queue, and the waitlist is growing all the time. We are currently looking into whether we could still arrange an investment opportunity in the company for them.
So the round could still grow and those in the queue could get in.
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Here is CEO Aki Soudunsaari’s presentation at Springvest’s General Meeting
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