April 14, 2014 / 5:36 PM / 4 years ago

UPDATE 1-Travel firm Bravofly prices IPO shares at 48 Swiss francs

* Price is above midpoint of 40-52 Sfr price range

* Total of 5.33 million shares placed in IPO

* Gross proceeds total 256 million Sfr

* Shares due to start trading on Tuesday (Adds number of shares sold, proceeds, free float and background)

FRANKFURT, April 14 (Reuters) - Online travel agency Bravofly Rumbo Group 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 ($794 million).

That is in the top half of its pricing range of 40 to 52 francs per share, Bravofly said, adding the IPO was over-subscribed several times on strong demand from both Swiss and international investors.

The group is due to make its market debut on Tuesday, making it the second company to go public on the Swiss SIX bourse this year.

The operator of websites Bravofly, Rumbo, Volagratis and Jetcost, plans to use the funds to finance acquisitions in the highly fragmented travel market and is looking to expand in Germany, eastern Europe and Scandinavia.

A total of 5.33 million shares in Bravofly, or 36.7 percent of its share capital, were placed in the IPO. Of those, 2.19 million were new shares sold by Bravofly and 3.145 million shares were sold by existing shareholders, including its founders, private equity investors and management.

There is also an over-allotment option of up to 533,250 shares, which would increase the market free float to 38.9 percent of its shares in issue if fully exercised.

Gross proceeds amounted to 256 million Swiss francs, of which 105 million came from the sale of the new shares.

Rival Spanish online travel agency eDreams Odigeo made a disappointing market debut last week as the shares fell as much as 7 percent, which some saw as broader investor jitters over share offerings from Internet companies.

Switzerland saw the successful debut of Thurgauer Kantonalbank last week, while engineering components firm SFS is planning a listing in the second quarter. ($1=0.8791 Swiss francs) (Reporting by Maria Sheahan; Editing by Jane Baird, Greg Mahlich)

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