NOBA’s $3.72 billion IPO Revives European Listings Market

- NOBA priced at 70 crowns per share, valuing the digital bank at $3.72 billion. - Stockholm trading to commence on September 26. On September 22, 2025, Reuters reported that digital bank NOBA’s $3.72 billion IPO signals renewed investor confidence in the European IPO market, which had slowed in early 2025. NOBA priced its shares at 70 crowns each, valuing the company at 35 billion crowns, and trading will commence on the Stockholm bourse on September 26. The strong reception for NOBA’s offering highlights a revival in the European IPO landscape after a sluggish start to 2025. The company expects the IPO to bolster its public stature and secure funding for potential acquisitions. NOBA's CEO, Jacob Lundblad, noted that being a listed company creates a valuable opportunity to access the capital market for the right acquisition target. This marks the second major Swedish fintech IPO of the year, following Klarna's debut on the New York Stock Exchange earlier in September. Klarna, valued at $15.1 billion during its listing, saw a dramatic 30% surge in its share price on the opening day. As a result, the combined success of these IPOs underscores increasing investor interest in Nordic fintech firms. The stellar outcomes for NOBA and Klarna contrast sharply with the broader European IPO market. In the first half of 2025, European listings raised only $5.5 billion from 57 offerings, which, according to Reuters, significantly lags the U.S. market that amassed $17.7 billion from 153 IPOs in the same period.