June 10, 2014 / 6:31 AM / in 3 years

Switzerland's Glarner Kantonalbank sets price for market debut

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ZURICH, June 10 (Reuters) - 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 manager. ($1 = 0.8968 Swiss Francs) (Reporting by Caroline Copley; Editing by David Goodman)

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