Nordic Capital's Nordnet completes listing

The listing gives the company a market capitalisation of around SEK 24bn.

The company's first day of trading is 25 November 2020. Unquote reported on 16 November 2020 that Nordnet had set the pricing for its IPO at SEK 88-104 per share.

The company is set to have 32,000 shareholders following the listing, according to a statement. Vendors Nordic Capital and Öhman Group have offered 94,000,000 existing shares in the company and have also committed to sell up to 14,100,000 additional existing shares. The offering could comprise up to 43% of Nordnet's total share capital.

ABG Sundal Collier, Berenberg Bank, DNB and SEB are acting as joint bookrunners, while Carnegie, Citi and JP Morgan are global coordinators.

Nordic Capital acquired 98.5% of Nordnet shares in a take-private in February 2017, de-listing the company alongside Öhman. The GP invested via Nordic Capital VIII, which held a final close in December 2013 on €3.5bn. The fund was fully deployed as of March 2019, according to Unquote Data.

The takeover bid was valued at SEK 38 per share, giving the company a market capitalisation of around SEK 6.6bn.

Following the latest IPO, Nordic Capital will retain a stake of 9% in the business, while Öhman will own a 22% stake. Settlement is expected to take place on 27 November.

Company
Founded in 1996 and headquartered in Stockholm, Nordnet is a digital bank with around one million customers. Nordnet employs 500 people and reported 2019 revenues of €140m, compared with revenues of around €127m in 2015.

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

Advisers
Company – Latham & Watkins (legal); Cederquist (legal); STJ (corporate finance).

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• Topics
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