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Novo Banco Shareholders Approve Step for Possible €1 Billion IPO (BBG)

  • Novo Banco SA's shareholders have approved steps necessary for a possible initial public offering (IPO) of the Portuguese lender.
  • The bank's majority owner, Lone Star, is considering an IPO as well as a full sale of Novo Banco, with a potential IPO stake sale of 25-30% and a possible valuation of €5.5-7 billion.
  • Novo Banco has made progress in preparing for an IPO, with a prospectus draft underway and a potential listing in June, following its first profit in 2021 and growth in net interest income.
Lone Star’s Portuguese lender Novo Banco SA attracted two bids from French banking group BPCE and CaixaBank SA of Spain, according to people familiar with the matter.
 
Lone Star’s Portuguese lender Novo Banco SA attracted two bids from French banking group BPCE and CaixaBank SA of Spain, according to people familiar with the matter.
 

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