Swiss full service provider Sunrise has set the price range for its upcoming initial public offering (IPO) at CHF58-CHF78 (USD65.3-USD87.9) per share, giving the company an implied market value of between CHF2.8 billion and CHF3.3 billion. The listing, potentially Switzerland’s largest flotation since 2006, will take place ‘on or before 6 February 2015’, the operator noted. The base offering consists of 17.3 million-23.3 million ordinary registered shares to be issued by Sunrise, as well as 4.3 million existing shares offered by the selling shareholder, parent company CVC Capital. Sunrise and CVC have also agreed to an overallotment option of up to 4.1 million registered existing shares. Following the completion of the IPO, the number of offered shares will represent up to 57.2% of the issued share capital or up to 65.7% if the overallotment option is fully exercised.
As previously reported by CommsUpdate, the cellco is hoping to raise around CHF1.35 billion to deleverage its balance sheet and reduce its debt. Sunrise has also stated that the Swiss National Bank’s (SNB’s) decision to remove the cap on the Swiss franc earlier this month would have ‘no impact’ on its IPO plans.