Noba Bank’s Shares Jump on Debut in Latest Win for Stockholm

(Bloomberg) — Shares in financial services firm Noba Bank Group AB surged in their Stockholm debut, boosting this year’s top European venue for initial public offerings ahead of a blockbuster listing by Verisure Plc.

The stock opened at 84.90 Swedish kronor ($9) on Friday, 21% above its 70 kronor offer price. Shares continued to rise, trading at 90.45 kronor as of 10:05 a.m. in Stockholm. Noba Bank shareholders, including private equity firm Nordic Capital and Sampo Oyj, raised about 7.6 billion Swedish kronor in the offering.

The firm’s first days of trading will be closely watched as a gauge of market sentiment ahead of Verisure’s planned €3.1 billion ($3.6 billion) IPO, announced earlier this month. Noba’s early trading adds to a strong track record for large IPOs in Sweden this year. Asker Healthcare Group AB, which raised 10.2 billion kroner, rose as much as 24.5% in its first day of trading.

“Noba has likely received a boost from the fact that niche banks have performed quite strongly on the stock market this year,” Robert Oldstrand, equity strategist at Swedbank AB said. “With a relatively good risk mood in the market and a fairly optimistic outlook for the coming year, the window has undeniably opened for IPOs.”

Stockholm has been Europe’s most active exchange for first-time share sales so far this year. Verisure is set to become Europe’s largest IPO since Porsche AG raised more than €9 billion in 2022, according to data compiled by Bloomberg. The Versoix, Switzerland-based firm develops monitored security systems for households and small businesses in Europe and Latin America.

Noba offers financial services under Nordax Bank, Bank Norwegian and Svensk Hypotekspension, and considered going public earlier this year but opted to wait out market volatility.

The IPO, which valued Noba at about 35 billion kronor, ended up drawing enough demand to cover the stock available by “several” times, the company said in a release. OP Financial Group, DNB Asset Management and Handelsbanken Fonder bought about 3.2 billion kronor worth of shares in the deal.

“It was incredibly fun to see the valuation go up right away of course,” Jacob Lundblad, Noba’s Chief Executive Officer said. “Since I’ve been out meeting a lot of investors over quite a long period, and felt that the sentiment was very positive, I’m not that surprised.”

DNB Carnegie Investment Bank AB, Goldman Sachs Group Inc. and JPMorgan Chase & Co. arranged the deal. The stock is trading on Nasdaq Stockholm under the symbol “NOBA.”

–With assistance from Steven Arons.

(Updates with latest trading, additional context and CEO quote, starting in the second paragraph.)

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