Vision Capital's Nordax IPO valued at SEK 5bn

The listing saw Nordax priced at the top of the SEK 38-45 per share range announced in the prospectus, giving the offering a total value of SEK 2.59bn.

Vision Capital's exit comes five years after it acquired Nordax from Palamon Capital Partners in an €84m secondary buyout. The GP retains a 36.1% stake in the company following the IPO, excluding any over-allotment of shares. Nordax's free float is 51.8%.

Nasdaq OMX Stockholm's newest share opened its second day on the exchange down slightly from its SEK 45 per share listing price, trading at SEK 43.7 per share at the time of publication.

Morgan Stanley and Carnegie were joint global coordinators, while Citigroup ran the book with ABG Sundal Collier as co-lead manager.

Previous funding
Palamon Capital Partners was Nordax's first private equity owner, acquiring a minority stake for €13m in February 2004.

The GP exited six years later, passing the company to Vision Capital for €105m.

Company
Nordax is a Stockholm-based niche bank, providing unsecured consumer loans and deposit accounts in Scandinavia, Finland and Germany.

Founded in 2004, the company has around 95,000 customers and employs 200 people in Stockholm. As of March 2015, its loan book amounted to SEK 10.3bn and it held SEK 6.5bn in deposits, posting an adjusted operating profit of SEK 374m.

People
Julian Mash is the CEO of Vision Capital. Morten Falch is the CEO of Nordax.

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• Topics
• Nordics
• Financials
• Exits
• Sweden
• IPO
• Vision Capital