Sunrise IPO on course to price in mid-range
Shares in Swiss mobile operator Sunrise look set to sell for between SFr65 and SFr70 apiece in its initial public offering set to price on Thursday, according to a source close to the deal.
On 27 January, Sunrise set the price range at between SFr58 and…
Shares in Swiss mobile operator Sunrise look set to sell for between SFr65 and SFr70 apiece in its initial public offering set to price on Thursday, according to a source close to the deal.
On 27 January, Sunrise set the price range at between SFr58 and SFr78 per share for the listing, in which it hopes to raise proceeds of SFr1.35bn (US$1.46bn) to improve its balance sheet.
Sunrise is owned by private equity firm CVC Capital Partners, which is set to sell 4.3 million shares in the IPO. Meanwhile the telco will issue between 17.3 million and 23.3 million new shares, depending on where the stock prices.
Sunrise and CVC have also agreed to a greenshoe with the banks working on the deal whereby CVC would sell a further 4.1 million shares, which can be exercised within 30 days of when Sunrise’s stock starts trading.
Sunrise expects that it will have a free float on the SIX Swiss Exchange of between 58.8% and 65.7% following the listing, assuming the over-allotment option is exercised.
Deutsche Bank and UBS are running the IPO. In addition, Morgan Stanley and Berenberg are acting as additional joint bookrunners, and Bank Vontobel is co-lead manager. Lilja & Co. is acting as the independent adviser to CVC and Sunrise.
