Thurgauer Kantonalbank prices IPO at top of range
ZURICH, April 7
ZURICH, April 7 (Reuters) - Thurgauer Kantonalbank has priced its so-called participation certificates in an initial public offering (IPO) at 74 Swiss francs ($82.8) each, valuing the listed share capital at about 160 million francs.
The Swiss regional bank is offering 2.175 million new participation certificates without voting rights, raising 160 million francs of gross proceeds. The bank had last month set a range of between 64 and 74 francs for the issue.
If the overallotment option of 325,000 shares is fully exercised it will raise 185 million francs, the bank said in a statement on Monday.
The proceeds will go to the canton of Thurgau, which will continue to control the bank after the IPO.