* Shares open at 76.00 Swiss francs, above IPO price of 74
* Bank raises 160 mln Sfr in gross proceeds
* First IPO on the Swiss bourse in 2014
(Adds valuation, share price)
ZURICH, April 7 Shares in Thurgauer Kantonalbank
rose more than 7 percent above their offer price on the
first day of trading in Zurich on Monday, valuing the listed
share capital at about 170 million Swiss francs ($190 million).
The 140-year-old Swiss regional bank offered 2.175 million
new participation certificates without voting rights at 74 Swiss
francs each, at the upper end of its indicated price range of
between 64 and 74 francs.
By 0820 GMT, the certificates were trading up 7.1 percent at
79.80 francs, giving the bank a valuation of 173.6 million
Thurgauer is the first in a trickle of companies planning to
launch an initial public offering (IPO) in Switzerland this
year. Online travel firm Bravofly Rumbo Group expects to make
its market debut on April 15 and engineering components firm SFS
is planning a listing for the second quarter.
Thurgauer Chief Executive Peter Hinder said he was
particularly pleased with the strong demand from investors in
the local region, which he saw as a sign of trust in the bank.
Thurgauer said it will receive 160 million francs of gross
proceeds from the offer, which will go to the canton of Thurgau.
The canton will control the bank after the IPO.
If the overallotment option of 325,000 shares is fully
exercised it will raise 185 million francs, the bank said.
($1 = 0.8935 Swiss Francs)
(Reporting by Caroline Copley; Editing by David Holmes)