Swiss gearmaker Klingelnberg prices IPO at 53 Sfr per share (updated)
20/06/2018 06:21
(Adds details, comment from CEO)
ZURICH, June 20 (Reuters) - Swiss gearmaker Klingelnberg
said on Wednesday it had priced its initial share offering (IPO)
at 53 Swiss francs per share as its family owners sell a
significant stake and the firm raises 20 million euros ($23.15
million) for growth by selling new stock.
The 265 million Swiss franc offering, including the
greenshoe, is projected to leave the company with a free float
of 56.6 percent.
A bookrunner previously said books were covered, amid strong
interest from investors for stock in the 155-year-old
Zurich-headquartered company which was founded near Remscheid in
Germany. urn:newsml:reuters.com:*:nFWN1TE08C
Trading begins on the SIX Swiss Exchange on Wednesday.
Klingelnberg, which makes gears for trains and automobiles
including Formula 1 racing cars as well as precision machinery
for grinding and measuring, sold shares to raise money for
expansion.
The company wants to boost its profile among customers and
potential employees while its founders' heirs wanted monetize a
substantial portion of their holdings.
"Our family and I will remain anchor shareholders and we
will continue to be fully engaged in the company," said Chief
Executive Officer Jan Klingelnberg, in a statement.
Shareholders including the family and members of the board
and executive team have agreed to a 24-month lockup.
In all, 4.1 million existing shares owned by the family were
placed with investors, along with 440,000 newly created shares.
The greenshoe of 461,845 existing shares may be sold in the next
thirty days by the global bookrunners.
Credit Suisse and Berenberg are joint global coordinators
and joint bookrunners for the IPO. Vontobel is joint bookrunner.
($1 = 0.8638 euros)
(Reporting by John Miller, editing by John Revill)
((zurich.newsroom@thomsonreuters.com; +41 58 306 7336;))