Swedish online bank Nordnet aiming for 2020 IPO

[STOCKHOLM] Swedish online banking group Nordnet intends to list its shares on Nasdaq Stockholm, it said in a statement on Thursday.

The initial public offering (IPO) follows a strategic review, announced by Nordnet in September, when the company had said that a listing was an option.

"A listing will further build our profile and brand awareness while offering shareholders, including our employees and customers, the opportunity to be part of our continued growth journey," Nordnet CEO Lars-Ake Norling said in a statement.

The company, owned by the Ohman Group and private equity firm Nordic Capital, was previously listed in Stockholm between 1999 and 2016 before being taken private.

Nordnet said it intends to pay a dividend corresponding to at least 70 per cent of its annual profit. The company's operating income for the first nine months of 2020 was 1.9 billion Swedish crowns (S$294.4 million), up from 1.1 billion in the same period of last year.

Its total number of customers in September 2020 was 1.1 million, up from 882,200 the year before, with Nordnet saying it targets annual customer growth in the range of 10-15 per cent.

Nordnet said it expected to complete the listing during 2020, "depending on market conditions".

The company said the Nordic savings market had grown 6 per cent in the last five years to 30 trillion Swedish crowns in 2019, driven by increased disposable income, savings and life expectancy in the region.

Carnegie Investment Bank, Citigroup and JPMorgan are coordinating the IPO, Nordnet said.

REUTERS