EQT AB, the Swedish investment firm owning a roughly 49% stake in hearing aid maker WS Audiology, has enlisted Goldman Sachs and Morgan Stanley to advise on potential IPO options for the company, sources familiar with the matter told Bloomberg. The move follows WS Audiology’s 2019 merger of EQT’s Sivantos portfolio company with Widex, which was controlled by the Tøpholm and Westermann families. WS Audiology, a global leader in hearing aids, could see a listing in Copenhagen as early as next year, though no final decisions on an IPO have been made, the sources said, citing confidentiality. EQT’s stake and the family-owned remainder of the company—backed by the Lundbeck Foundation—remains unchanged. The firms’ involvement signals investor interest in the hearing aid sector’s growth prospects.

The collaboration between EQT and major investment banks underscores the strategic value of WS Audiology, a 2019 merger product of EQT’s Sivantos and Widex (owned by Tøpholm/Westermann families). The hearing aid market’s demand, driven by aging populations and digital health trends, has made companies like WS Audiology attractive to investors seeking exposure to healthcare innovation. EQT’s ownership stake and the family-owned portion’s backing by the Lundbeck Foundation (a wealthy Danish philanthropy) add credibility to the IPO exploration. The Danish Bank and Morgan Stanley’s roles highlight the financial firepower behind the potential listing, which could amplify WS Audiology’s market reach and valuation.

The IPO exploration comes at a time when the hearing aid industry is expanding, with tech-driven products gaining traction. A successful listing could provide WS Audiology with capital to fund R&D, acquisitions, or global expansion, while offering investors a stake in a healthcare segment poised for growth. EQT’s decision to involve Goldman Sachs and Morgan Stanley—two of the world’s leading investment banks—signals a high-stakes move, as the companies’ expertise could shape the IPO’s terms and valuation. The hearing aid maker’s potential listing in Copenhagen may also attract international interest, given Denmark’s strong ties to the EU’s healthcare market.