Saxo Bank will go public on the Euronext Amsterdam listing through a merger with a Disruptive Capital Acquisition Company Limited (DCAC).
Online trading and investment platform Saxo Bank has revealed its intention to go public through a merger with blank check firm Disruptive Capital Acquisition Company Limited (DCAC).
The Danish company detailed that after completing the deal, Saxo Bank would be officially listed on Euronext Amsterdam. The aim of this IPO is to diversify its shareholder base and at the same time increase Saxo's profile in order to accelerate its growth strategy.
Kim Fournais, CEO & Founder, Saxo Bank, commented:
"We have strong ownership, which we hope to strengthen and diversify even further, with full confidence that Saxo Bank is heading in the right strategic direction. We are building a prudent financial institution that is part of the solutions needed in the future – and we remain committed to delivering on our ambitious growth strategy. With this, I am proud to invite new shareholders to Saxo and the exciting growth journey ahead of us."
The merger will consist of a secondary sale of existing Saxo Bank shares. According to the official announcement, Saxo's shareholders, Geely Financials Denmark A/S and Sampo Plc, plan to liquidate some of their holdings. At the same time, several board members and some senior management at Saxo, including the CEO of Fournais, are planning to increase their stake in the company.
If the merger is approved, Saxo's shares will be distributed to DCAC shareholders and DCAC will subsequently be written off and liquidated, placing Saxo as a registered entity.