SPAC byNordic Acquisition prices $150 million IPO, targeting European fintech

byNordic Acquisition, a blank check company targeting a fintech business in northern Europe, raised $150 million by offering 15 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

The company is led by Chairman Jonas Olsson, a 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 plans to list on the Nasdaq under the symbol BYNOU. Keefe Bruyette Woods, Drexel Hamilton, and I-Bankers Securities acted as joint bookrunners on the deal.