Saxo Bank might still have a chance at an IPO, stating that it will keep all options open
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Saxo Bank made headlines in late 2022 for deciding to give up on its SPAC deal, which led many to believe that it is giving up on going public. However, the financial company now says that it is keeping all options open, and that an IPO could still happen.
What’s more, the Denmark-headquartered broker said that it eyes NASDAQ Copenhagen as its preferred public listing venue. Meanwhile, Kim Fournais, the CEO of the online investment bank, stated that the company is looking into the possibility of granting outside investors a new way of cashing in. This could include an IPO, and according to Fournais, it might happen at some point in 2023.
The bank is keeping its options open
Due to the bank’s decision to drop the SPAC deal, its existing shareholders — including the Finnish insurer, Sampo, and China’s carmaker, Geely — had to postpone their plans of liquidating their holdings in the company.
However, this might not be the case, as a source familiar with the bank’s inner workings said that there is still an option of a private share placement, which the bank has been considering. When asked about it, Fournais said that no decision has been reached on the matter as of yet.
Saxo Bank is also not the only company to give up on the SPAC deal lately. Popular online trading and investment company, eToro, also recently gave up on its own merger deal. The company intended to perform a merger deal with FinTech Acquisition Corp. V in July 2022. However, it dropped the plans, and the merger with the blank-check company — previously announced in March 2021 — had failed.
Saxo Bank noted a drop in FX trading and monthly volume
As for Saxo Bank, it emerged as a big player in FX trading circles. The bank offers its services to professional and retail traders alike. However, due to the difficulties of 2022 which affected the global financial industry, it reported a 9.3% drop in its monthly trading volume. It is also not the only one, as most financial firms saw similar drops. The Danish broker still saw its monthly volumes reaching $415.7 billion.
Apart from volume decline, the broker also noted a 12.2% drop in retail forex trading, resulting in a total amount traded in December being $121.3 billion. Only a month earlier, however, the figure was at $138 billion.
One last big development for Saxo Bank recently was the appointment of Mads Dorf Petersen as the company’s new Group Chief Financial Officer. Prior to taking on this position, Petersen served in an interim capacity.
