January 11, 2018 / 2:08 PM / 2 months ago

Credit Suisse sees jump in Swiss IPOs in 2018

ZURICH, Jan 11 (Reuters) - Credit Suisse expects a boom in Swiss initial public offerings (IPOs) this year, but not the mega-deals that pushed Switzerland to the top of the world flotation charts last year.

“We see as many or more IPOs in Switzerland in the first half of 2018 as we saw in full-year 2017, so a very strong acceleration,” Jens Haas, the bank’s head of Swiss investment banking, told journalists on Thursday.

“We don’t yet see mega-IPOs like Galenica Sante and Landis+Gyr, so the volume might drop slightly but the number of IPOs will be higher,” he said.

He gave no names, but airline catering outfit Gategroup, owned by Chinese group HNA, is considering listing.

Last year, Landis+Gyr raised 2.3 billion Swiss francs ($2.36 billion) in the country’s biggest IPO in 11 years, while Galenica fetched 1.9 billion francs, marking two of Europe’s three biggest IPOs in 2017.

Switzerland’s second-biggest bank said it expected leveraged finance, as well as mergers and acquisitions for mid-market companies, to pick up this year, striking an optimistic note on the country’s investment banking environment.

UBS has also said it expects a good year for Swiss IPOs in 2018 as a mixture of large and small deals hits the market.

$1 = 0.9758 Swiss francs Reporting by Brenna Hughes Neghaiwi; Editing by Edmund Blair

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