Saxo Bank Considers Local Listing After Failed SPAC Merger

Copenhagen-based retail forex and CFD broker Saxo Bank is considering an initial public offering (IPO) on the Nasdaq Copenhagen exchange as early as this year, according to Reuters sources.

Last week, Saxo's proposed business combination with Disruptive Capital Acquisition Company Limited (DCAC) was terminated due to poor timing.

Kim Fournais, CEO of Saxo Bank, said the listing of Saxo is a wish that has always been there, but with the ongoing market turmoil, the bank is not in a hurry to go public. And the Nasdaq Copenhagen is the preferred venue for an IPO.

It was previously reported that Saxo Bank might do a private placement, making Chinese carmaker Geely and Finnish insurer Sampo to reduce their shareholdings. But Fournais said the default plan is to go public, although no final decision has been made and the listing could be delayed until next year, or even beyond. To some extent, the timing of the IPO depends on the external environment, and hopefully the general environment will be better this year or next, but it may not be.

Fournais added, “We learned a lot in the process of the SPAC, which also means we’re in a position where we can react quickly.” Fournais added.