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Nordnet is estimated to have a market capitalization of SEK 22-26 billion, according to the prospectus released Sunday night.
The largest owner, Nordic Capital, reduces, in the event of a total over-allotment, its ownership from 41 to 9 percent.
November 25 will be Nordnet’s first trading day on the Stockholm Stock Exchange. 38 percent of Nordnet’s shares will go to market, or up to 43 percent if over-allotment is used.
The sellers are Nordic Capital and the company that owns the Dinkelspiel family, Öhmangruppen, where Nordic Capital clearly sells the majority of the shares.
Nordic Capital, in the event of a full over-allotment, would go from owning 41 percent ownership to owning 9 percent, thus releasing its cornerstone in Nordnet.
The Dinkelspiel family, through its three owning companies, would go from 42 to 31 percent ownership in the event of a total over-allotment.
The offer price of the shares is set at 88-104 SEK. This means that the company is valued between 22 and 26 billion, up 19.4 billion more than in the delisting almost four years ago.
There are no new anchor investors featured in the prospectus, but according to Nordnet chairman Tom Dinkelspiel, several institutions are on their way to the bank.
Why don’t you mention any new anchor investors?
“You have to distinguish between anchor investors and fundamental investors. The Dinkelspiel family and the Öhman group remain, so we have not seen the need for additional fundamental investors. On the other hand, we have about ten Swedish and foreign institutions that come in as anchor investors, but they are not mentioned in the prospectus, “Tom Dinkelspiel tells Di.
Can you tell us more about them?
“We are entering a book-building period tomorrow and I cannot comment on that.”
How do you justify that the value of the company has risen to almost SEK 20 billion since the delisting?
“It is a completely different company that is going public now. We have invested a lot and a lot in our technology platform, both in the underlying and in the interface that is shown to the market, as well as we have made complementary acquisitions. We have had an extraordinarily strong growth, both in the number of clients and in the assets under management ”.
How do you see the risk that the company is overpriced now and the share is falling?
“The company is doing fantastically well. We have great interest, we have very strong customer growth, we grow twice as fast as the rest of the market. We will have a book building period now where institutional investors come in with offers and set the price. We will communicate the final price on November 25. It is the investors’ demand that sets the price ”.
In the har previously reported that the institutions have refused because the price has been too high, what do you say about it?
“Not true, we have met with incredible interest. Investors have had an ongoing interest in the company throughout the process. “
