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Online bank Nordnet considering possible IPO

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On the 09/02/20 at 7:49AM

Nordnet, a Nordic online bank specialising in investments and savings, is thinking of a strategic revision and a public listing, it said in a statement on Tuesday. “The objective is to provide Nordnet the best possible setting to take it to the next level of development. No decision has been taken and the market will be informed if, and when any such decision is taken,” Nordnet said. 

In late July, it reported quarterly revenues of SEK 650m (€63m), a 75% year-on-year increase. During the same period, it also reported pre-tax profit of SEK 369m (€35.70m). Nordnet claims 1,070,000 clients, with a 25% increase in its customer numbers in the past 12 months. Its savings capital came to SEK 425bn (€41bn) with a net quarterly savings of SEK 13.4bn (€1.3bn).

According to Bloomberg, Nordnet AB’s owners have mandated JPMorgan Chase & Co, Citigroup Inc. and Carnegie to assist it with a possible IPO for the Swedish online platform and savings advisor.