Montana Aerospace IPO values company at 1.2 bln Swiss francs (updated)

PolyPeptide AG

12/05/2021 06:45

(Adds details, comment from CEO)
    ZURICH, May 12 (Reuters) - Austrian-Swiss aircraft component
maker Montana Aerospace  AERO.S  priced its Swiss initial public
offering at 25.65 Swiss francs per share, the company said ahead
of its stock market debut on Wednesday, giving it an expected
market capitalisation of 1.2 billion Swiss francs ($1.33
billion).   
    Montana said its issuance of 17.1 million new shares would
result in gross proceeds of approximately 440 million francs,
which it will use to fund acquisitions and organic growth in the
aero industry that has been hard hit by the coronavirus.
 urn:newsml:reuters.com:*:nL8N2MG0QK
    Assuming the full exercise of an over-allotment option that
could boost proceeds to a total of 506 million Swiss francs, the
company will have a free float of 41.8%. Montana Tech
Components, currently the sole owner, will remain the majority
shareholder with a stake of 58.2% following the listing on the
SIX Swiss Exchange.
    The IPO is the second in Switzerland this year following the
float last month of contract drugmaker PolyPeptide Group
 PPGN.S .
    Montana Aerospace, which makes components for wings and
aircraft bodies, wants to use 60% of the proceeds for
acquisitions in the highly fragmented aviation sector which has
been battered by the COVID-19 pandemic and the Boeing 737 MAX
safety crisis.
    The remaining 40% will fund organic growth, important as
customers like Airbus and Boeing want to deal with less
complicated supply chains in future.
    "With the listing on SIX, we return to our Swiss roots and
strengthen the financial resources to successfully continue our
strategic course," said Chief Executive Markus Nolte.
    Berenberg Bank acted as global coordinator and joint
bookrunner, while Commerzbank and Zuercher Kantonalbank were
joint bookrunners in the IPO.
    
($1 = 0.9054 Swiss francs)

 (Reporting by John Revill, editing by John Miller)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))