Noba, a Nordic digital banking group, has revealed its plans for an initial public offering on Nasdaq Stockholm during the third quarter of 2025.
The deal is expected to value the lender at about USD 3.74 billion, making it one of the largest financial services listings in the country this year. The company, which operates under the brands Nordax Bank, Bank Norwegian and Svensk Hypotekspension, provides credit cards in Germany and deposit products across several European countries, including Spain, the Netherlands and Ireland. According to the official press release, Noba serves over two million customers and is majority owned by Nordic Capital’s funds alongside Finnish insurer Sampo Oyj.
Main investors and market context
As part of the IPO process, primary investors including Finland’s OP Cooperative, DNB Asset Management and Handelsbanken Fonder have signed agreements to subscribe for shares worth up to about USD 340 million. According to representatives from Nordic Capital, a public listing is viewed as a logical next step in the company’s development.
Noba officials have indicated that the offering would not only increase the bank’s visibility but also provide access to capital for potential acquisitions. While the company expects to continue funding growth from its own profits, officials noted that being listed would make it easier to approach the market if large-scale opportunities arise.
Sweden has emerged as one of Europe’s more resilient IPO markets in 2025. Data from PwC show that 11 listings and direct placements in the country raised EUR 1.9 billion in the first half of the year, compared with nine listings totalling EUR 264 million during the same period in 2024.
Noba’s planned listing follows Klarna’s decision earlier this week to go public in New York. Industry observers note that other European digital banks such as Revolut, Monzo and Starling continue to be seen as potential IPO candidates, although no formal timetables have been announced.
