ZURICH, May 16 (Reuters) - Swiss property redeveloper HIAG Immobilien priced its initial public offering at 76 Swiss francs per share, in the lower half of a prospective range, giving the firm an implied market value of around 608 million francs ($683 million).
The pricing, announced on Friday, means the Basel-based company will generate 122.9 million francs in new capital, short of the 140 million francs HIAG had planned to raise in funds to reduce debt and finance ongoing projects. HIAG is due to make its market debut later on Friday,
The company had set a range of 72 to 86 francs per share earlier this month when it announced plans for the offering.
HIAG, which redevelops former industrial and commercial sites to create new residential and office properties, sold 1 million newly issued shares as well as 700,000 existing treasury shares in the IPO. Three anchor shareholders also sold 847,500 existing shares, bringing HIAG's free float to 31.8 percent.
There is also an overallotment of up to 255,000 shares, which can be exercised within 30 calendar days after the first day's trading.
Credit Suisse is the sole bookrunner and Bank Vontobel is acting as co-lead manager.
HIAG's offering follows April listings by Swiss online travel company Bravofly Rumbo Group and lender Thurgauer Kantonalbank, and a flotation by Swiss engineering group SFS earlier this month.
$1 = 0.8898 Swiss Francs Reporting by Caroline Copley; Editing by Kenneth Maxwell