Alrov raised 183 million Swiss francs, which will rise to 203 million Swiss francs if the underwriters fully exercise their options.
After several delays, Alrov Properties & Lodgings Ltd. (TASE: ALRPR), controlled by Alfred Akirov and his family (73.5%), has held an IPO of its Swiss activities on the Swiss stock exchange at a valuation of 693 Swiss francs (NIS 2.4 billion), without options for the underwriters.
The valuation of the company, Epic Suisse, is at the lower end of the range set by Alrov more than a month ago. Shares began trading in Zurich at 68 Swiss francs per share. Two weeks ago Alrov said that the shares would be issued in the 67-77 Swiss franc range. Alrov raised 183 million Swiss francs, which will rise to 203 million Swiss francs if the underwriters fully exercise their options. Alrov has a 77.8% stake in Epic Suisse.
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Epic Suisse’s assets mainly comprise a range of income producing properties in Switzerland including commercial centers, offices and logistics centers.
Alrov has been mulling a Swiss IPO since 2016 and filed a prospectus in September 2020 but the flotation at a company valuation of NIS 2.9 billion was postponed due to market conditions.
After the IPO, Alrov’s stake in Epic Suisse will fall to 55.7%.
Published by Globes, Israel business news – en.globes.co.il – on May 25, 2022.
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Alfred Akirov Credit: Tamar Matsafi