Ledermann seeks to raise 130 mln Sfr in Swiss IPO
ZURICH, Sept 26
ZURICH, Sept 26 (Reuters) - Real estate firm Ledermann Immobilien IPO-LLIM.S is seeking to raise 130 million Swiss francs ($142.72 million) in an initial public offering to fund project plans and acquire new properties.
The Zurich-based company will sell shares between 89 and 103 francs from Thursday until Oct. 7.
Ledermann which will have a free float to roughly 40 percent after the listing, posted rental income of 20.25 million france last year but net profit of 21.17 million francs which was flattered by the sale of properties and revaluations following a surge in housing prices in Switzerland.
Founder and sole shareholder Urs Ledermann, who will not sell any shares in the offering, is committing to a share lock-up of 18 months following the flotation.
Proceeds from new stock listings have risen 14 percent this year globally but the Swiss market has remained muted.
UBS is the bookrunner for the Ledermann IPO. ($1 = 0.9109 Swiss francs) (Reporting By Katharina Bart; Editing by David Cowell)
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