NOBA’s $3.7B IPO oversubscribed on Stockholm bourse

A bookrunner confirmed on September 22, 2025, that digital bank NOBA’s IPO has been covered multiple times on the Stockholm bourse. The bank priced the NOBA shares at 70 crowns each, valuing the company at 35 billion crowns ($3.72 billion). 

The European IPO market experienced slowed growth in the first half of 2025. Multiple coverage of NOBA’s IPO shows renewed investor confidence in the market. The bank plans to start trading stock on September 26.

NOBA’s $3.7B IPO boosts Sweden’s reviving listing market

NOBA told Reuters barely two weeks ago that the Finnish OP Cooperative, DNB Asset Management, and Handelsbanken Fonder had agreed to subscribe to up to 3.18 billion crowns of shares at an offer price representing 35 billion crowns at the IPO.

Christopher Ekdahl, Partner at Nordic Capital Advisors and a NOBA board member, revealed that NOBA is one of the leading specialist banks with impressive profitable growth and serves over two million customers. 

Jacob Lundblad, NOBA CEO, revealed that the listing would raise the company’s public profile and allow top investors to fund potential acquisitions in the future. 

“We shouldn’t rule out that we will do acquisitions; there’s a big chance that we can fund a lot of that ourselves through our profits. But if the target is right, then there’s obviously the opportunity to access the capital market in a good way, being a listed company.”

–Jacob Lundblad, NOBA CEO

The IPO market in Sweden turned around at the start of the second half of 2025 after a slow start in the first half. According to PwC data in H1 of 2025, only 11 IPOs were hosted and direct listings, raising a total of 1.9 billion euros ($2.22 billion).

The NOBA Group operates across the Nordic region via the Nordax Bank, Bank Norwegian, and Svensk Hypotekspension brands. The digital bank offers credit card services in Germany and deposit products in Germany, Spain, the Netherlands, and Ireland. The latest investor response follows a slowed first half of 2025 in the EU IPO market. 

Klarna and NOBA IPOs highlight Nordic fintech growth

The NOBA listing marks the second Swedish financial group to go public this year, followed by Buy Now Pay Later lender Klarna, which launched on the New York Stock Exchange earlier this month. Business Insider highlighted that the New York Stock Exchange listing was valued at $15.1 billion, with its shares opening above $40. Klarna surged 30% on IPO day up to $52 before closing at $45.82. The IPO raised at least $1.37 billion.

The report highlighted several beneficiaries of the IPO listing, including CEO and Co-founder Sebastian Siemiatkowski, who took home $1.17 billion, and Commonwealth Bank of Australia, which made $798 million. Sequoia Capital was the largest winner, with its post-IPO stake valued at $3.5 billion. Another notable beneficiary was Heartland A/S, with $1.36 billion.

Cryptopolitan recently covered Europe’s IPO market performance, noting that companies opted for mergers and acquisitions over public listings. It highlighted that Klarna and other major European firms were targeting the New York exchange over European ones due to the liquid nature of the market and higher investor appetite. The report noted that Europe had raised just $5.5 billion from 57 IPOs by 15th September, compared to $17.7 billion from 153 deals in the U.S. 

The slowed growth in the European market was attributed to IPO timelines, volatile markets, and fragmented regulations. Private equities also preferred M&A, which offered faster and cleaner exits without the risk of holding stock post-listing. 

Some analysts have noted other ambitious companies that may go public in the European market, including Revolut, Monzi, and Starling in Britain. These companies are considered potential IPO candidates but have not laid out solid plans. 

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