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The logo of Stadler Rail AG is visible at the company's headquarters in Bussnang, Switzerland, on March 19, 2019. REUTERS / Arnd Wiegmann
ZURICH (Reuters) – The issue price for Stadler Rail's initial public offering (IPO) was set at 38 Swiss francs per share, valuing the Swiss group at 3.8 billion Swiss francs ( 3.79 billion dollars), announced Friday the company before its debut on SIX Swiss Exchange.
The issue price, announced by Reuters on Thursday, was in the upper half of the original price range of 33 to 41 Swiss francs per share.
The free float should be 38.2% before the exercise of an over-allotment option and 43.4% if the option is exercised in full.
The IPO has been oversubscribed several times, due to strong demand from institutional investors and Swiss individuals, the company said. The purpose of the IPO is to help Stadler finance its acquisitions and enhance its potential when bidding for contracts.
Billionaire chairman Peter Spuhler sells part of his 80% stake in the Swiss automaker of cars and wagons, although he intends to remain the main investor in the company that he has been in charge since 1989.
Report by Michael Shields and Oliver Hirt; Edited by Riham Alkousaa and Sherry Jacob-Phillips
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