Latham Advises on NOBA Bank’s SEK 7.6 Billion Initial Public Offering

Latham & Watkins has advised NOBA Bank, Nordic Capital, and Sampo, on NOBA Bank’s initial public offering (IPO) on Nasdaq Stockholm. The IPO raised SEK 7.6 billion (approximately US$810 million) and comprised 108,695,651 existing shares in the company, corresponding to a total of 21.7% of the total number of outstanding shares in the company. The market capitalization of NOBA, based on the IPO price of SEK 70 per share, is approximately SEK 35 billion (approximately US$3.7 billion).

NOBA has grown into the leading specialist bank in the Nordic region and one of the leading specialist banks in Europe, with a loan book of SEK 128 billion and serving over two million customers through its three brands Nordax Bank, Bank Norwegian, and Svensk Hypotekspension as of June 30, 2025.

The Latham team was led by London partner James Burnett, with associates Sarah Youssefi and Rebecca Reeve. Advice was also provided on tax matters by New York partner Elena Romanova, with associate Fangyuan (Farrah) Yan, and on financial regulatory matters by London partner Nicola Higgs, with associate Jonathan Ritson-Candler.