Skip to main content

Advertisement

Advertisement

Business

Clean manufacturing group SKAN prices Swiss IPO at 54 francs per share

ZURICH : Swiss clean manufacturing technology company SKAN Group priced its initial public offering at 54 Swiss francs per share on Wednesday, near the upper end of the indicated range, ahead of its trading debut on the SIX Swiss Exchange on Thursday.

The offer price implies a market capitalisation of 1.21 billion Swiss francs (US$1.32 billion). Gross proceeds amount to 93.5 million.

The free float amounts to approximately 48per cent prior to any exercise of the over-allotment option, and to around 50per cent if the over-allotment option is fully exercised, it said.

Credit Suisse and Berenberg acted as joint global coordinators and joint bookrunners for the IPO. KPMG was the independent financial adviser to SKAN Group.

The group intends to use the proceeds to finance growth, in particular by expanding capacity and offering new products and services.

The IPO featured around 1.7 million new shares and nearly 2.8 million existing shares, which were mainly offered by majority owner Willy Michel and other shareholders.

Michel has granted an over-allotment option of 500,000 existing shares, resulting in a total placement volume of up to 270 million francs.

(US$1 = 0.9164 Swiss francs)

(Reporting by Michael Shields; Editing by Sam Holmes & Simon Cameron-Moore)

Source: Reuters

Advertisement

Also worth reading

Advertisement