Finance
Digital bank NOBA's $3.7 billion IPO multiple times covered, bookrunners say
Published by Global Banking & Finance Review®
Posted on September 22, 2025
2 min readLast updated: January 21, 2026
Quick Summary
NOBA's $3.7 billion IPO is multiple times covered, signaling strong investor interest in European listings. Trading begins September 26.
NOBA's IPO Valued at $3.7 Billion with Strong Investor Demand
NOBA's Initial Public Offering Overview
STOCKHOLM (Reuters) -Digital banking group NOBA's initial public offering on the Stockholm bourse is multiple times covered, a bookrunner said on Monday, the latest indication that investors are warming to European listings after a barren period on the continent.
Pricing and Valuation
NOBA on Friday said it had set the price of its planned IPO at 70 crowns per share, valuing the firm at 35 billion crowns ($3.72 billion), and that it expects trading in its shares to start on September 26.
Market Context
It is the second major Swedish financial services group to opt to go public this year, with buy now, pay later lender Klarna making its New York debut earlier this month.
Company Background
The NOBA Group is controlled by private equity firm Nordic Capital's funds and Finnish insurer Sampo Oyj, according to information on its website.
NOBA operates across the Nordic region under the brands Nordax Bank, Bank Norwegian and Svensk Hypotekspension. It also offers credit cards in Germany, as well as deposit products in Germany, Spain, the Netherlands and Ireland.
After a sluggish first half of the year for Europe's IPO market when several listings were pulled due to market volatility, there are signs of a revival.
Switzerland-based security services firm Verisure said last week it plans to raise 3.1 billion euros in a float in Stockholm, in what could be one of Europe's largest initial public offerings since Porsche in 2022. Swiss Marketplace Group also priced at the top of a target range in its Zurich IPO last week.
($1 = 9.4080 Swedish crowns)
(Reporting by Anna Ringstrom and Charlie Conchie, editing by Kirsten Donovan)
Key Takeaways
- •NOBA's IPO valued at $3.7 billion, multiple times covered.
- •Shares priced at 70 crowns, trading starts September 26.
- •Second major Swedish financial group to go public in 2023.
- •Controlled by Nordic Capital and Sampo Oyj.
- •Revival signs in Europe's IPO market after a slow start.
Frequently Asked Questions about Digital bank NOBA's $3.7 billion IPO multiple times covered, bookrunners say
1What is an IPO?
An Initial Public Offering (IPO) is the process through which a private company offers shares to the public for the first time, allowing it to raise capital from public investors.
2What is digital banking?
Digital banking refers to the digitization of all traditional banking activities, allowing customers to conduct financial transactions online or through mobile applications.
3What is equity investment?
Equity investment involves purchasing shares of a company, giving the investor ownership rights and a claim on a portion of the company's profits.
4What is market volatility?
Market volatility refers to the fluctuations in the price of securities, indicating the level of uncertainty or risk in the market.
5What is investor demand?
Investor demand refers to the desire of investors to purchase shares or securities, often influenced by market conditions and company performance.
