Nordax Group prices its initial public offering at SEK 45 per share – trading commences on Nasdaq Stockholm today


Nordax Group prices its initial public offering at SEK 45 per share – trading commences on Nasdaq Stockholm today

Nordax Group AB (publ) ("Nordax Group" or "the Company") today announces an offer price of SEK 45 per share in its initial public offering ("the Offering") of its shares. Admission to trading and listing on Nasdaq Stockholm will take place today, 17 June 2015. The Offering attracted strong interest among Swedish and international institutional investors as well as Swedish retail investors and was over-subscribed several times. Nordax Bank AB (publ), the operating subsidiary of Nordax Group, is a leading niche bank in the Nordic region which provides consumer loans and deposit accounts to around 95,000 customers in Sweden, Norway, Finland, Denmark and Germany.

The Offering in brief

  • The offer price per share of SEK 45 corresponds to a total market capitalisation of Nordax Group of approximately SEK 4.993 billion.
  • The Offering was increased in accordance with the terms of the Offering by 8,901,855 shares. As a result, the Offering comprises 57,518,970 existing shares, representing 51.8% of all shares in the Company, sold by Vision Capital Partners VII A LP (Guernsey LP) and Vision Capital Partners VII LP (Guernsey LP) (together, the “Principal Shareholders”) as well as members of the Board of Directors, management and certain other current and former senior employees (together with the Principal Shareholders, the “Selling Shareholders”). The total value of the Offering amounts to approximately SEK 2.588 billion, excluding any shares sold under the over-allotment option.
  • The Principal Shareholders have granted Morgan Stanley, Carnegie, Citigroup and ABG Sundal Collier an over-allotment option to purchase up to 5,751,897 additional shares, corresponding to 10% of the number of shares sold in the Offering. The over-allotment option is exercisable for a period of 30 days from 17 June 2015.
  • Assuming the over-allotment option is exercised in full, the Offering will comprise 63,270,867 shares, representing 57.0% of all shares in the Company, and the value of the Offering will amount to approximately SEK 2.847 billion.
  • Swedbank Robur has acquired, on the same conditions as other investors, 10,539,832 shares in the Company, corresponding to 9.5% of the shares in the Company.
  • The shares have been allocated to international and Swedish institutional investors as well as to the general public in Sweden.
  • Trading in the Nordax Group shares commences today, 17 June 2015, and the trading symbol of the Company’s share on Nasdaq Stockholm is “NDX”.
  • Settlement is expected to take place on 22 June 2015.
  • The Principal Shareholders remain the largest shareholder in Nordax Group and own 36.1% of all shares in the Company, assuming the over-allotment option is not exercised, and 30.9% assuming the over-allotment option is exercised in full.

Morten Falch, CEO of Nordax Group, said: We are pleased to welcome a diverse shareholder base to the Company. Nordax has built a solid track record since being founded in 2003, and has demonstrated its ability to generate resilient earnings throughout the business cycle. We look forward to taking the next step on our exciting journey as a listed company.”

Andrew Rich and Daryl Cohen, Partners at Vision Capital and Directors of Nordax Group, said: “Under Vision Capital’s ownership, Nordax has delivered sustained and outstanding financial performance. Nordax has a strong management team, sound financial and capital positions, and an exciting and focussed growth strategy. We are delighted the Company has successfully completed its IPO and look forward to participating in its future potential through our retained investment.”

Morgan Stanley and Carnegie are acting as Joint Global Coordinators and Joint Bookrunners, Citigroup is acting as Joint Bookrunner and ABG Sundal Collier is acting as Co-lead Manager. Lazard is acting as financial advisor to the Company and the Selling Shareholders.

For further information, contact:

Åse Lindskog, Head of Investor Relations, Nordax

Tel: +46 730 24 48 72


About Nordax

Nordax is a leading niche bank in the Nordic region providing unsecured consumer loans and deposit accounts to about 95,000 customers in Sweden, Norway, Finland, Denmark and Germany. Nordax employs about 200 people, all working in its office in Stockholm. Nordax was founded by six entrepreneurs with extensive risk management experience. The underwriting process is Nordax’s core competency; it is thorough, sound and data driven. Nordax’s customers are financially stable people in the prime of life. As of 31 March 2015 lending to the general public amounted to SEK 10.3 billion and deposits amounted to SEK 6.5 billion. Nordax has been supervised by the Swedish Financial Supervisory Authority since 2004 and deposits are covered by the Swedish deposit guarantee scheme. Read more on

About Vision Capital

Vision Capital brings a creative flexible capital approach to investing in mid-sized companies headquartered in Western Europe and North America.

Vision Capital has specialist expertise and experience in both the dynamics of private equity funds and the strategic development of companies. The firm has pioneered a number of innovative investment structures, including direct secondaries and fund recapitalisations, since its foundation in 1997.

Vision Capital has $2bn assets under management with offices in London and New York.

Nordax Group AB (publ) announces this information in accordance with the Securities Market Act and/or the Act on Trading in Financial Instruments and/or the Nasdaq Stockholm Rule Book. This information was submitted for announcement on 17 June 2015 at 07.15 CET.


This announcement is not being made in and copies of it may not be distributed or sent into the United States, the United Kingdom, Canada, Australia or Japan.

This announcement does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Company does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.

This communication does not constitute an offer of the securities to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

FCA/ICMA Stabilisation

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” "continue," “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors, which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.



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