Noba, a Nordic digital banking group, disclosed its intention to go public on Nasdaq Stockholm during the third quarter of 2025.

This initial public offering (IPO) is anticipated to value the lender at approximately USD 3.74 billion, making it one of the largest financial services listings in Sweden for the year. Noba operates under several brands including Nordax Bank, Bank Norwegian, and Svensk Hypotekspension, offering credit cards in Germany and deposit products across multiple European countries such as Spain, the Netherlands, and Ireland. The company serves over two million customers and is mainly owned by funds from Nordic Capital alongside Finnish insurer Sampo Oyj.

Main investors and market context

During the IPO process, primary investors like Finland’s OP Cooperative, DNB Asset Management, and Handelsbanken Fonder have committed to subscribe for shares worth up to USD 340 million. According to representatives from Nordic Capital, this public listing is seen as a natural progression in Noba’s growth strategy.

Noba officials have stated that the offering will enhance the bank’s visibility while providing access to capital for potential acquisitions. Although the company expects to fund its growth through its own profits, it noted that being listed would make it easier to explore large-scale opportunities if they arise.

Sweden has been emerging as one of Europe’s more robust IPO markets in 2025. PwC data indicate that there were eleven listings and direct placements in the country raising EUR 1.9 billion during the first half of the year, compared to nine listings totaling EUR 264 million during the same period in 2024.

Noba’s planned listing comes after Klarna’s decision to go public in New York this week. Industry experts note that other European digital banks like Revolut, Monzo, and Starling are also considered potential IPO candidates, although no official timetable has been announced for these companies.