The share price of digital lender NOBA surged more than 29% on its market debut in Stockholm on Friday, giving the company a valuation of around 45 billion Swedish crowns ($4.76 billion).
Backed by private equity firm Nordic Capital and Finnish insurer Sampo, NOBA became the second major Swedish financial group to go public this year, following Klarna’s recent listing in New York.
The stock was trading at 90.47 Swedish crowns at 08:08 GMT, well above its 70-crown IPO price. Bookrunners said earlier in the week that the offering had drawn heavy demand and was multiple times oversubscribed.
The first days of trading will be watched closely as a test of investor appetite ahead of Verisure’s planned €3.1 billion ($3.6 billion) flotation, announced earlier this month.
“Noba has likely received a boost from the fact that niche banks have performed quite strongly on the stock market this year,” Robert Oldstrand, equity strategist at Swedbank AB said in a note seen by Bloomberg.
“With a relatively good risk mood in the market and a fairly optimistic outlook for the coming year, the window has undeniably opened for IPOs,” he added. Stockholm has been Europe’s busiest venue for IPOs so far this year.
NOBA runs businesses across the Nordic region under the brands Nordax Bank, Bank Norwegian and Svensk Hypotekspension. It also offers credit cards in Germany and deposit products in Germany, Spain, the Netherlands and Ireland.
Source :
https://www.investing.com/news/stock-market-news/noba-shares-jump-nearly-30-in-stockholm-debut-4256969
