ZURICH, April 15 Swiss property redevelopment
company HIAG Immobilien said on Tuesday it plans to list shares
on the Zurich stock market in the second quarter, raising at
least 200 million Swiss francs ($224 million) mostly to fund
site projects and pay off debt.
The HIAG Immobilien sale would be Switzerland's fourth
initial public offering this year. Lender Thurgauer Kantonalbank
has already listed, while online travel agency Bravofly
Rumbo Group IPO-BRGF.S is due to make its market debut on
Tuesday and a flotation of engineering components firm SFS is
scheduled for the second quarter.
HIAG Immobilien will sell new and existing treasury shares
to generate about 140 million Swiss francs for the company
itself in its IPO. Members of the founding Grisard family will
also sell a portion of their holding, in a sale equal to between
30 and 40 percent of the company's shares in total, worth at
least 200 million francs.
Founded in 2008, Basel-based HIAG Immobilien employs 22
people, and redevelops former industrial and commercial sites to
create new residential and office properties. At the end of
2013, its portfolio was valued at 1.065 billion Swiss francs
($1.21 billion), and generated an annualised property income
of 46.6 million francs.
"In light of the company's successful growth over the last
seven years, HIAG Immobilien is ready to go public," said
Chairman Felix Grisard.
The company plans to use funds to finance medium-term site
redevelopment projects, as well as to repay a bridge loan of 30
million Swiss francs.
Credit Suisse is acting as sole bookrunner in connection
with the IPO, and Bank Vontobel as co-lead manager.
On Monday, Bravofly Rumbo 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.
($1 = 0.8916 Swiss Francs)
(Reporting by Caroline Copley; Editing by Kenneth Maxwell)