Saxo Bank Considers Local Listing After SPAC Merger Collapses

Saxo Bank, a Copenhagen-based retail FX and CFDs broker, is considering an initial public offering (IPO) at Nasdaq Copenhagen as early as this year, according to Reuters.

This follows the termination of the proposed business combination​ of Saxo Bank and Disruptive Capital Acquisition Company Limited (DCAC) last month, citing that "the timing is not optimal".

"There's always been a wish to eventually do a listing of Saxo," said Kim Fournais CEO at Saxo Bank. He added that the bank is in no rush to float while market turmoil continues, and that Nasdaq Copenhagen would likely be the preferred venue for a float.

Also, the bank could explore a private share placement as a way for Chinese automaker Geely and Finnish insurer Sampo to reduce their stakes, according to a source. But the default plan is to go public, said Fournais.

Saxo has not made a final decision yet, and the IPO could slip into next year and even beyond 2024, the exec noted.

"It depends a little bit on the external circumstances. Hopefully, they look much better during this year or the next… but it could be even later," said Fournais. "We learned a lot in the process of the SPAC, which also means we're in a position where we can react quickly."