NOVEMBER 25 2020
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. OTHER RESTRICTIONS ARE APPLICABLE. PLEASE SEE “IMPORTANT INFORMATION” AT THE END OF THE PRESS RELEASE.
This announcement is not an offer to sell or a solicitation of any offer to buy any securities of Nordnet AB (publ) ("Nordnet"). The information contained in this announcement is for background purposes only and does not purport to be full or complete. Any offering of the securities referred to in this announcement is only made by means of a prospectus prepared and published by Nordnet. Investors should not invest in any securities referred to in this announcement except on the basis of information contained in such prospectus. The prospectus is available at Nordnet's website, www.nordnetab.com/ipo.
Nordic Capital1) expands its outstanding financial services track record, with the successful IPO of Nordnet AB (publ) (“Nordnet”). Nordnet, a leading pan-Nordic digital savings and investments platform, today announced the outcome of the initial public offering of its shares on Nasdaq Stockholm. The offering was substantially over-subscribed, attracting very strong interest from large Swedish and international institutional investors as well as the general public in Sweden, Norway, Denmark and Finland. The market capitalisation of Nordnet, based on the IPO price of SEK 96 per share, is approximately SEK 24 billion.
For full information about Nordnet and the offering please see www.nordnetab.com/ipo
In 2017, Nordnet was taken private by Nordic Capital and the Öhman Group, with the ambition to create a best-in-class customer experience in the digital savings industry. As a result of significant platform investments, enhanced user experience and accelerated product innovation during the ownership of Nordic Capital and the Öhman Group, Nordnet has seen a considerable increase in customer activity and engagement, as well as a significant increase in market shares across the Nordic countries and an accelerating growth trajectory. In addition, Nordnet has advanced its sustainability agenda to further promote sustainable savings and democratise savings and investments in society. Nordnet has also invested in a strengthened organisation, which is led by an experienced management team focused on scaling the platform and delivering strong profitable growth. In 2020, Nordnet reached a milestone of one million customers, effectively doubling its customer base since 2016 and as of 30 September 2020, Nordnet had SEK 477.8 billion in savings capital.
“Nordic Capital invests in companies with the potential to become best-in-class, and Nordnet has gone from strength to strength during the past four years. The people, technology and customer experience are now in place to take the company to the next level, and Nordnet is well positioned for future profitable growth. As a leading digital savings and investments platform with a unique position in the Nordic market, Nordnet stands stronger than ever. Nordic Capital welcomes all new shareholders taking part in this exciting journey”, says Christian Frick, Partner at Nordic Capital Advisors.
"Today marks the beginning of a new chapter in Nordnet's history. For the first time in almost four years, we are once again a listed company, and I am very much looking forward to taking this next step in our development together with existing and new shareholders. I would like to extend a big thank you to everyone who has been involved in taking Nordnet to the position we are in today – especially the Nordic private savers who trust us with their savings every day, as well as my fantastic colleagues. Together, we continue building the world's best platform for savings and investments", says Lars-Åke Norling, CEO of Nordnet.
"The interest in Nordnet's return to the stock market has exceeded our expectations, and we are very grateful for the great trust that both private savers and institutions have shown us. The listing on Nasdaq Stockholm puts us in an even better position when it comes to continuing to deliver on the promise that we at Nordnet gave almost 25 years ago – to democratise savings and investments", says Tom Dinkelspiel, Chairman of the Board of Nordnet, representing the Öhman Group.
Financial Services is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network, and a dedicated team with local presence across Northern Europe. As one of Europe’s leading financial services investors, Nordic Capital has invested EUR 2.3 bn in 10 financial services companies since 2004. It has achieved repeatable success and developed thriving companies as evidenced by the performance of investments in financial services companies such as Resurs Bank, Nordax Bank, Bambora, Trustly and the most recent investment in Max Matthiessen in 2020.
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
About Nordic Capital
Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 15.5 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com
This announcement is not an offer to sell or a solicitation of any offer to buy any securities of Nordnet AB (publ) (the “Company”). The information contained in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed by any person for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.
Copies of this announcement are not being made and may not be distributed or sent into the United States, Australia, Canada, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.
Any offering of the securities referred to in this announcement is only made by means of a prospectus. This announcement is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (together with any related implementing and delegated regulations, the “Prospectus Regulation”). A Swedish language prospectus has been prepared by the Company and approved by the Swedish Financial Supervisory Authority in accordance with the Prospectus Regulation and is available at the Company's website. The Swedish Financial Supervisory Authority only approves the prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. The approval should not be considered as an endorsement of the Company or as an endorsement of the quality of the securities that are the subject of the prospectus and does not indicate that the Swedish Financial Supervisory Authority guarantees that the facts in the prospectus are correct or complete. Investors should not invest in any securities referred to in this announcement except on the basis of information contained in the aforementioned prospectus.
In any EEA Member State other than Sweden, and in the United Kingdom (each, a “Relevant State”) this communication is only addressed to and is only directed at qualified investors in that Relevant State within the meaning of the Prospectus Regulation, i.e., only to investors who can receive the offer without an approved prospectus in such Relevant State. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and accordingly may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any offering in the United States or to conduct a public offering of securities in the United States.
Copies of this announcement are not being, and should not be, distributed in or sent into the United States. The securities described herein have also not been and will not be registered under the applicable securities laws of Australia, Canada or Japan and, subject to certain exemptions, may not be offered or sold in or into or for the account or benefit of any person having a registered address in, or located or resident in Australia, Canada or Japan. There will be no public offering of the securities described herein in Australia, Canada or Japan.
This communication and any materials in relation to the securities described herein are only being distributed to and is only directed at persons in the United Kingdom that (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) ; (ii) are persons falling within Article 49(2)(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000 (“FSMA”)) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “Relevant Persons”). This communication must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.
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. The Company does not undertake any obligation to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this communication.
1) The shares are owned and were offered by Cidron Danube S.à r.l. ("Cidron"), a company indirectly owned by Nordic Capital. References to "Nordic Capital" in this press release in relation to the transaction contemplated herein refers to Nordic Capital VIII Alpha, L.P. and Nordic Capital VIII Beta, L.P. (acting through their general partner Nordic Capital VIII Limited), or, as required by the context, Cidron as a selling shareholder.