Europe-focused fintech SPAC byNordic Acquisition files for a $100 million IPO

byNordic Acquisition, a blank check company targeting a fintech business in northern Europe, filed on Friday with the SEC to raise up to $100 million in an initial public offering.

The Malmö, Sweden-based company plans to raise $100 million by offering 10 million units at $10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at $11.50. At the proposed price, byNordic Acquisition would command a market value of $125 million.

The company is led by Chairman Jonas Olsson, the Global Controller for multinational clothing retailer H&M, and CEO Michael Hermansson, who has held chief executive roles for numerous growth and turn-around companies owned by private equity firms such as Triton Investments Advisers and Nordic Capital. The company plans to target technology growth companies in northern Europe, particularly those in the fintech sector with enterprise values between $300 million and $500 million.

byNordic Acquisition was founded in 2019 and plans to list on the Nasdaq under the symbol BYNOU. The company filed confidentially on March 10, 2020. Keefe Bruyette Woods, Drexel Hamilton and I-Bankers Securities are the joint bookrunners on the deal.