Davis Polk advised the joint global coordinators, joint bookrunners and co-lead manager in the initial public offering of 57,518,970 shares of Nordax Group AB (publ) (“Nordax”) on Nasdaq Stockholm. The shares were sold by Vision Capital Partners VII A LP (Guernsey LP) and Vision Capital Partners VII LP (Guernsey LP), as well as members of Nordax’s board of directors, management and certain other current and former senior employees. In addition, the underwriters have an over-allotment option with respect to 5,751,897 shares. With an offer price set at SEK 45 per share, the total gross proceeds amount to approximately SEK2.85 billion ($350.8 million) assuming full exercise of the over-allotment option.   

Nordax is a leading niche bank in the Nordic region providing unsecured consumer loans and deposit accounts to approximately 95,000 customers in Sweden, Norway, Finland, Denmark and Germany with a core competency in the underwriting process. As of March 31, 2015, Nordax’s lending to the general public amounted to SEK10.3 billion (approximately $1.27 billion) and deposits amounted to SEK6.5 billion (approximately $800.3 million). Nordax has been supervised by the Swedish Financial Supervisory Authority (Swe. Finansinspektionen) since 2004 and its deposits are covered by the Swedish deposit guarantee scheme.  

The Davis Polk corporate team included partner Paul E. Kumleben, counsel Connie I. Milonakis and associates Andrei Takhteyev and Julia Danforth. Partner Simon Witty and associate Greg Spencer provided English law advice. Partner John D. Paton and associate Lena X. Qiu provided tax advice. All members of the Davis Polk team are based in the London office.  

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