Nordax Group, the Swedish bank group in which Vision Capital is the largest shareholder, plans to launch an initial public offering of existing shares in June. The company will list on Nasdaq Stockholm. The IPO, which is open to Swedish and international qualified institutional investors, as well as Swedish retail investors, has regulatory approval.
Vision Capital acquired its stake in Nordax Group through its VCP VII fund in July 2010. Nordax was established in 2003. Combined, fund investors advised by Vision Capital hold around an 80 percent stake, with the remainder held by the board of directors, management and founders.
Nordax Bank AB is the group's operating subsidiary with 95,000 retail customers in Sweden, Norway, Finland, Denmark and Germany, where it is targeting expansion. Its loan portfolio on 31 March 2015 totalled SEK 10.3 billion ($1.2 billion, €1.1 billion) and retail deposits SEK 6.5 billion.
Lazard is advising Vision Capital and Nordax Group on the IPO. Morgan Stanley and Carnegie are joint global coordinators, Citigroup is acting as bookrunner and ABG Sundal Collier is co-lead manager.
The listing will raise the number of Vision Capital's recent exits to eight and follows the placement of shares in Barbados hotel operator Elegant Hotels Group with institutional investors.
Elegant Hotel shares with a market capitalisation of approximately £88.8 million were admitted to trade on AIM on 26 May.
Vision Capital acquired Elegant Hotels Group in 2004 through its VCP IV fund and has retained a 23.8 percent stake.
Vision Capital has €1.7 billion of assets under management and targets investments in Western Europe and the US of €50 million to €1 billion.