Swedish Payments Firm Trustly Targets Q2 IPO Sources

Swedish payments firm Trustly is preparing to launch a stock market flotation in the second quarter in a deal potentially valuing the private equitybacked group at up to 9 billion euros 11 billion, people close to the matter said.

Buyout group Nordic Capital is working with Goldman Sachs, JP Morgan and Carnegie on the initial public offering IPO and is in the process of mandating more banks with a view to launching the deal in late April or early May, they said.

Trustly, which is expected to float in Stockholm, may be valued at 68 billion euros, two of the people said, while another said it could fetch 79 billion.

Nordic Capital and the banks declined to comment.

The deal, which is subject to market conditions, would add to a string of technology listings in Europe expected this year as investors flock to tech stocks in strong equity markets.

The appeal of financial technology companies has increased during the COVID19 pandemic, as more people shop online and make more of their payments digitally.

Elsewhere, payments firm Transferwise is preparing a stock market listing in Britain with the help of Goldman Sachs, Morgan Stanley and Barclays, which could value it at significantly more than the 5 billion suggested by a 2020 fundraising, according to a source familiar with the matter.

Many financial technology companies simultaneously explore an IPO and a deal with a special purpose acquisition company SPAC, which raises money in an IPO and then buys a private firm to…

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