Saxo Bank looking at Copenhagen IPO following failed SPAC acquisition

A month after Saxo Bank terminated the merger deal with blank-check company Disruptive Capital Acquisition Company Limited (DCAC), the Denmark-based Group says there is still a chance for an IPO.

Saxo CEO, Kim Fournais, told Reuters that the company may give outside investors a new chance to cash in and this could come as a new IPO in Copenhagen.

Fournais stated:

Kim Fournais, Saxo Bank

Kim Fournais

There’s always been a wish to eventually do a listing of Saxo.

He also added that the bank is not in a hurry to do it as “market turmoil persists” but hinted that it still could happen as early as this year.

Saxo Bank

According to a source familiar with the matter, Saxo can also consider private share placement as shareholders Chinese automaker Geely (0175.HK) and Finnish insurer Sampo (SAMPO.HE) are looking to reduce their stakes. Fournais said that the company will keep “all options open” but the plan for now is to go public.

The bank announced its plans for a Euronext Amsterdam listing through SPAC deal in September last year. However, in early December, it had to abandon it due to “challenging market conditions”. Israel-based trading company eToro also aborted its plans for SPAC merger with Betsy Cohen’s blank-check company in July last year.



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