Sweden’s Trustly plans $11 billion IPO as digital payments boom

News

Date: 01.02.2021

Swedish payments firm Trustly plans to take advantage of a surge in digital transactions in the COVID-19 pandemic with a second-quarter flotation that could value it at up to 9 billion euros ($11 billion), people close to the matter said.

The initial public offering (IPO), likely in Stockholm, is one of a number of technology listings expected in Europe as investors flock to growth stocks in strong equity markets.

Trustly’s owner, buyout group Nordic Capital, is working with Goldman Sachs, JP Morgan and Carnegie and is in the process of hiring more banks with a view to launching the IPO in late April or early May, the sources said.

Trustly’s revenues were around 130 million euros in 2019 and will be around 200 million euros for 2020 on a “double digit” core earnings (EBITDA) margin, one of them added.

Trustly was founded in 2008, Trustly is the global leader in Online Banking Payments. Company work with 7,600 banks across Europe and North America.

Source: Reuters.com 

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