ZURICH, June 7 (Reuters) - Residential property company Investis Holding SA will list its shares on the Swiss stock exchange, it said on Tuesday, aiming to raise 150 million Swiss francs ($155 million).
The flotation would be the third initial public offering (IPO) on the Swiss exchange this year. The market has been stilted by the strong Swiss franc, which makes life tough for Swiss companies.
Investis, based around Lake Geneva in western Switzerland, owns property, including serviced apartments, valued at 857 million Swiss francs and also provides real estate services.
The company, which employs 1,100 people, generated a net profit of 45 million francs from revenues of 157 million francs in 2015.
It said it planned to raise 150 million francs by issuing new shares.
Founder and CEO Stephane Bonvin will also sell an unspecified amount of stock, but will retain a “solid majority shareholding” in the company he set up in 1994, he said.
Following the IPO, around a third of the company’s shares will be freely tradable on the stock market, people familiar with the matter said.
The proceeds will be used to buy new properties as well as fund acquisitions in the real estate services business.
The company did not give a date for its anticipated IPO, saying only it expected to list in the next few months “subject to market conditions.”
Credit Suisse has been appointed as sole bookrunner for the envisaged IPO. Bank am Bellevue AG, Bank Vontobel AG and Zuercher Kantonalbank are acting as co-lead managers.
$1 = 0.9709 Swiss francs Reporting by John Revill and Oliver Hirt; Editing by Mark Potter
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