Trustly plans to list its shares on Nasdaq Stockholm
Trustly AB, a leading digital Account-to-Account payments platform, today announced its intention to launch an initial public offering of its shares and to list its shares on Nasdaq Stockholm. The offering is expected to consist of both new shares issued by Trustly and of existing shares in the company offered by the selling shareholder – Cidron Maas S.à r.l.
According to Trustly’s principal shareholder, Cidron Maas S.à r.l., which is indirectly controlled by Nordic Capital Fund IX, together with Trustly’s Board of Directors and executive management team, a listing of the company’s shares on Nasdaq Stockholm represents an important stage in the development of the company. It is expected that a listing of the Company’s shares on Nasdaq Stockholm will contribute to an increased awareness of Digital Account- to-Account (“A2A”) payments and Trustly’s global leadership position within this market.
This is expected to strengthen Trustly’s profile and positioning with customers, partners and investors, as well as further increase the company’s ability to attract and retain management and employees. It will also provide Trustly with access to the capital market supported by a broad and long-term shareholder base.
In addition, the offering allows the existing shareholders to sell a portion of their current shareholding and welcome new shareholders to be part of the next chapter in Trustly’s development.
Nasdaq Stockholm’s listing committee has made the assessment that Trustly fulfils the applicable listing requirements. If Trustly submits an application for admission to trading of the company’s shares on Nasdaq Stockholm, Nasdaq Stockholm will approve such application, provided that certain conditions are fulfilled, including that the company fulfils the distribution requirement.
Depending on market conditions, the offering and listing on Nasdaq Stockholm is expected to be completed during the second quarter of 2021.
Should the Company proceed with the IPO, the shares will be offered to:
- the general public in Sweden; and
- institutional investors in Sweden and abroad.
The offer to institutional investors will only be made (i) to certain institutional investors outside the United States, pursuant to Regulation S under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”); and (ii) in the United States, only to Qualified Institutional Buyers (“QIBs”) in reliance on Rule 144A under the U.S. Securities Act.
The Offering is expected to consist of both existing shares, sold by the Selling Shareholder, and new shares issued by the Company that are expected to provide Trustly with gross proceeds (before transaction costs) of approximately SEK 8 billion. Trustly intends to use the net proceeds to finance the redemption of outstanding preference shares and to repay and settle all outstanding amounts under its existing credit facilities.