Europe-focused fintech SPAC byNordic Acquisition ups deal size by 50% ahead of $150 million IPO

byNordic Acquisition, a blank check company targeting a fintech business in northern Europe, raised the proposed deal size for its upcoming IPO on Thursday. The company originally filed in August 2020.

The Malmö, Sweden-based company now plans to raise $150 million by offering 15 million units at $10. The company had previously filed to offer 10 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained three-quarters of a warrant. At the revised deal size, byNordic Acquisition will raise 50% more in proceeds than previously anticipated.

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 $450 million and $750 million.

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