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Investing.com -- SMG Swiss Marketplace Group has priced its initial public offering at 46 Swiss francs ($5.80) per share, at the upper end of its expected range, valuing the company at 4.5 billion Swiss francs ($5.68 billion) ahead of its Friday trading debut on the SIX Swiss Exchange.
The online marketplace company, which is backed by U.S. private-equity firm General Atlantic, had previously set an IPO price range between 43 and 46 Swiss francs per share last week.
The share sale includes 19.6 million existing shares, with an option to sell up to an additional 2.9 million shares. This could potentially bring the total value of the offering to as much as 1.04 billion Swiss francs.
The offering has increased the company’s free float to 20%, which could rise to 23% if the overallotment option is fully exercised.
SMG reported that the IPO was oversubscribed multiple times by both Swiss and international investors. Major financial institutions Pictet Asset Management and BlackRock each subscribed for shares valued at 150 million Swiss francs.
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