March 29, 2019 / 3:27 PM / 25 days ago

UPDATE 1-Swiss train maker Stadler Rail sets April 12 listing date

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By Brenna Hughes Neghaiwi

ZURICH, March 29 (Reuters) - Swiss train maker Stadler Rail on Friday said it plans to list on the Swiss bourse on or around April 12, setting a price range between 33 and 41 Swiss francs ($33-$41) per share for its initial public offering (IPO).

The train maker earlier this month announced it would float on the SIX Swiss Exchange, selling shares from the 80 percent stake owned by billionaire and executive chairman Peter Spuhler.

Stadler on Friday said bookbuilding will begin on Monday and it would offer up to 40.25 million existing shares, of which Spuhler would contribute up to 35 million. The remaining 5.25 million shares would be granted as an over-allotment option, it said.

The price ranges implies a market capitalisation of 3.3 billion francs to 4.1 billion francs ($3.3-$4.1 billion) for the Bussnang, Switzerland-based railmaker.

Stadler previously said the IPO marked the next stage in its growth strategy, targeting annual sales of roughly 4 billion Swiss francs by 2020.

Spuhler will keep at least a 40 percent stake after the transaction and remain the largest shareholder, continuing to act as executive chairman, it said at the time.

The group will float a stake of 38.16 to 43.41 percent, it said Friday, depending on whether the over-allotment is exercised. ($1 = 0.9962 Swiss francs) (Reporting by Brenna Hughes Neghaiwi; Editing by Susan Fenton and Elaine Hardcastle)

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