(Bloomberg) -- Nordic Capital is exploring strategic options for Scandinavian consumer finance lender NOBA, including a possible initial public offering next year, people familiar with the matter said.
The private equity firm has lined up banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and Carnegie Investment Bank AB to work on a potential listing of the business, the people said, asking not to be identified discussing confidential information.
NOBA could be valued at €3 billion to €4 billion ($3.3 billion to $4.4 billion) in an IPO, according to the people.
Nordic Capital and Finnish insurer Sampo Oyj took the Swedish specialist lender Nordax private in 2018 and later merged it with Bank Norwegian in 2022. The enlarged NOBA group streamlined its corporate structure this summer by merging three legal entities into one.
Deliberations are ongoing and no final decision on the size or timing of any NOBA listing have been made, the people said. Spokespeople for Carnegie, JPMorgan, NOBA, Nordic Capital and Sampo declined to comment. A representative for Goldman Sachs didn’t immediately respond to a request for comment.
A listing of NOBA would help add momentum to Europe’s IPO market after years of limited activity due to geopolitical and economic uncertainty. Investment bankers are hopeful that next year will bring about a broader revival in share sales.
A number of other European lending lenders are exploring stock offerings. Mark Bourke, the chief executive officer of Novo Banco SA, told Bloomberg News this month that the Portuguese lender was continuing to work on a potential IPO. Denmark’s Saxo Bank A/S said in July that it’s working with an adviser on strategic options.
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