Digital banking group NOBA has unveiled plans to list on the Nasdaq Stockholm in the third quarter of this year, with an anticipated valuation of approximately Skr35bn ($3.74bn).
This move positions NOBA as the second major Swedish financial services entity to pursue a public listing in 2023, following Klarna’s recent debut on the New York Stock Exchange.
NOBA disclosed that cornerstone agreements have been secured with Finland’s OP Cooperative, DNB Asset Management, and Handelsbanken Fonder. These agreements involve subscribing to shares worth up to Skr3.18bn, with an offer price reflecting an equity value of up to Skr35bn at the initial public offering.
NOBA Group is primarily owned by Nordic Capital’s funds and Finnish insurer Sampo.
NOBA board member and Nordic Capital Advisors partner Christopher Ekdahl said: “Today, NOBA is one of Europe’s leading specialist banks with an impressive profitable growth, serving over two million customers.
“Nordic Capital believes a listing is the next natural step for NOBA, and Nordic Capital looks forward to welcoming new shareholders and to continue supporting the company as an active shareholder.”
British digital banks like Revolut, Monzo, and Starling are considered potential candidates for initial public offerings, though they have not yet announced specific plans.
NOBA’s operations span the Nordic region, offering credit cards in Germany and deposit products in Germany, Spain, the Netherlands, and Ireland. It operates under the brands Nordax Bank, Bank Norwegian, and Svensk Hypotekspension.
NOBA CEO Jacob Lundblad said: “We see substantial growth opportunities within our existing addressable markets as well as through the continued rollout of our secured offerings across the Nordics and expansion into corporate banking for SMEs.
“We believe that a public listing will further elevate our profile and brand while offering new shareholders the opportunity to participate in our continued growth journey.”
