ZURICH (Reuters) - The price range for Landis+Gyr shares has narrowed to 78 to 82 Swiss francs per share driven by high demand ahead of the Swiss tech company’s flotation, two people with knowledge of the situation told Reuters on Tuesday.
Enough offers were lodged to the cover the 78 to 82 franc range, the sources said, lifting the price band to the high end of the expected 70 to 82 Swiss franc price range.
Institutional investors have until Thursday to lodge their orders for shares, with the smart meter maker’s stock due to start trading on Friday.
With a total value of up to 2.4 billion Swiss francs ($2.52 billion), Landis+Gyr is the largest flotation on the Swiss stock market in at least two years.
The IPO was triggered after majority owner Toshiba (6502.T) signaled earlier this month it wanted to wanted to sell its 60 percent stake in Landis+Gyr to raise cash. The remaining 40 percent owned by the Innovation Network Corporation of Japan has also been put up for sale.
($1 = 0.9540 Swiss francs)
Reporting by Rupert Pretterklieber and Oliver Hirt, writing by John Revill; Editing by Adrian Croft