ZURICH, June 10 Glarner Kantonalbank has set the
price range for its initial public offering (IPO) at 17 to 21.50
Swiss francs per share and expects to make its market debut on
June 24, the company said on Tuesday.
The expected offer price gives the company an implied market
capitalisation of between 62.1 million Swiss francs and 78.5
million Swiss francs ($69.3-87.5 million). The bookbuilding
process runs from Tuesday until June 20.
Two thirds of the proceeds will go to the bank, which plans
to use the funds to strengthen its capital base. The remaining
third will go to the canton of Glarus, which will remain the
main shareholder after the IPO with a stake of about 70 percent.
Glarner Kantonalbank is the second regional bank to launch
an IPO in Switzerland this year after Thurgauer Kantonalbank
made its market debut in April.
Zuercher Kantonalbank is acting as the lead
($1 = 0.8968 Swiss Francs)
(Reporting by Caroline Copley; Editing by David Goodman)