ZURICH May 16 Swiss property redeveloper HIAG
Immobilien priced its initial public offering at 76
Swiss francs per share, in the lower half of a prospective
range, giving the firm an implied market value of around 608
million francs ($683 million).
The pricing, announced on Friday, means the Basel-based
company will generate 122.9 million francs in new capital, short
of the 140 million francs HIAG had planned to raise in funds to
reduce debt and finance ongoing projects. HIAG is due to make
its market debut later on Friday,
The company had set a range of 72 to 86 francs per share
earlier this month when it announced plans for the offering.
HIAG, which redevelops former industrial and commercial
sites to create new residential and office properties, sold 1
million newly issued shares as well as 700,000 existing treasury
shares in the IPO. Three anchor shareholders also sold 847,500
existing shares, bringing HIAG's free float to 31.8 percent.
There is also an overallotment of up to 255,000 shares,
which can be exercised within 30 calendar days after the first
Credit Suisse is the sole bookrunner and Bank
Vontobel is acting as co-lead manager.
HIAG's offering follows April listings by Swiss online
travel company Bravofly Rumbo Group and lender
Thurgauer Kantonalbank, and a flotation by Swiss
engineering group SFS earlier this month.
($1 = 0.8898 Swiss Francs)
(Reporting by Caroline Copley; Editing by Kenneth Maxwell)