After failing to register a SPAC, Saxo Bank said it was "open to all options" to go ahead with the IPO. Rumor has it the company will partner with Copenhagen.
Following a failed IPO with a Special Purpose Acquisition Company (SPAC) last month, Saxo Bank said it plans to reopen IPO opportunities. The Danish broker said Copenhagen was one of the preferred places for a public listing.
Saxo Bank CEO Kim Fournais said the company is considering giving its outside investors new ways to earn money. This could include an initial public offering (IPO) which could be done as early as this year.
Last month's failure of the IPO deal resulted in existing shareholders, Chinese automaker Geely and Finnish insurer Sampo, having to put on hold their plans to liquidate part of their holdings in the company. An anonymous source reported that Saxo Bank is considering a private share placement option. However, Fournais replied that no concrete decision had been reached about that.
No final decision has been made, and the timeframe of a liquidity event could slip into next year and even beyond 2024.
Saxo Bank is one of the significant risers in the forex trading industry, providing services to both retail and professional traders. In its most recent financial metrics, the company reported a 9.3% drop in trading volume for December. Retail forex trading fell 12.2% to $121.3 billion on the platform.