Nordic Capital-backed Nordnet prices IPO

The final offering price, which corresponds to a total market value for all issued shares of approximately SEK 22-26bn, is expected to be published on the first day of trading, which is 25 November.

Sister publication Mergermarket reported earlier this month that Nordnet was pitching its planned IPO with a forward price-to-earnings multiple in the low 30s; this could see the digital bank valued at up to €3bn. 

The offering comprises 94,000,000 existing shares, amounting to roughly 38% of the total number of shares being offered in the company. 

Following the IPO, the GP will retain a 9% ownership in the company, alongside Öhman Intressenter, which will own 22%, and Premiefinans K Bolin Aktiebolag, also with 9%. 

Additionally, certain private individuals who are members of, or closely related to, the Dinkelspiel family will own around a 14% stake, while the members of Nordnet's executive management team will hold approximately 2%.

Previous funding
In 2017, Nordic Capital de-listed Nordnet, acquiring 98.5% of the shares through a holding vehicle jointly owned by the GP and  existing major shareholder Öhman Group. 

Company
Founded in 1996 and based in Stockholm, Nordnet is an online platform that provides savings and investment services, allowing customers to invest in shares, mutual funds, derivatives, warrants, bonds and exchange-traded products.

The company in 2019 generated revenues of €140m and employs around 500 staff. 

People
Nordnet – Lars-Åke Norling (CEO).
Nordic Capital – Christian Frick (partner).
Öhman Group – Tom Dinkelspiel (board chairman). 

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