* Price is above midpoint of 40-52 Sfr price range
* Total of 5.33 million shares placed in IPO
* Gross proceeds total 256 million Sfr
* Shares due to start trading on Tuesday
(Adds number of shares sold, proceeds, free float and
FRANKFURT, April 14 Online travel agency
Bravofly Rumbo Group priced its initial public
share offer at 48 Swiss francs a share on Monday, giving the
company a market value of 698 million Swiss francs ($794
That is in the top half of its pricing range of 40 to 52
francs per share, Bravofly said, adding the IPO was
over-subscribed several times on strong demand from both Swiss
and international investors.
The group is due to make its market debut on Tuesday, making
it the second company to go public on the Swiss SIX bourse this
The operator of websites Bravofly, Rumbo, Volagratis and
Jetcost, plans to use the funds to finance acquisitions in the
highly fragmented travel market and is looking to expand in
Germany, eastern Europe and Scandinavia.
A total of 5.33 million shares in Bravofly, or 36.7 percent
of its share capital, were placed in the IPO. Of those, 2.19
million were new shares sold by Bravofly and 3.145 million
shares were sold by existing shareholders, including its
founders, private equity investors and management.
There is also an over-allotment option of up to 533,250
shares, which would increase the market free float to 38.9
percent of its shares in issue if fully exercised.
Gross proceeds amounted to 256 million Swiss francs, of
which 105 million came from the sale of the new shares.
Rival Spanish online travel agency eDreams Odigeo
made a disappointing market debut last week as the shares fell
as much as 7 percent, which some saw as broader investor jitters
over share offerings from Internet companies.
Switzerland saw the successful debut of Thurgauer
Kantonalbank last week, while engineering components
firm SFS is planning a listing in the second quarter.
($1=0.8791 Swiss francs)
(Reporting by Maria Sheahan; Editing by Jane Baird, Greg