Automotive electronics group Brusa plans Swiss IPO in Oct -sources

ZURICH, Aug 31 (Reuters) - Swiss group Brusa Elektronik plans to list its power electronics business on the SIX Swiss Exchange as soon as October to capitalise on the boom in electrical drives for alternative vehicles, two sources close to the situation told Reuters.

The business, which is active in hydrogen technology and other areas, could fetch a valuation of up to 1 billion Swiss francs ($1.1 billion), they said.

Founded in 1985, Brusa Elektronik develops and produces drives or chargers for clients including BMW and has an order book of more than 1 billion francs.

The power electronics division’s core products are current converters, which one source said are more efficient than comparable products and thus increase the range of vehicles.

The converters are particularly suitable for use in electric, hybrid and fuel cell vehicles.

BMW wants to launch a small series with fuel cell drives based on hydrogen as an alternative to battery vehicles next year. So far, only Toyota and South Korea’s Hyundai have such cars on the market.

Due to the lack of hydrogen filling stations, sales have been limited so far. This could change, as experts see potential for fuel cell drives especially in trucks. Daimler, for example, is betting on hydrogen.

In the field of fuel cell technology, suppliers in Europe lag North American companies like Plug Power or Ballard .

The chairman of Brusa HyPower - the part to be floated - is Ming Jiang, who also holds a large stake in the company.

Bank of America, BNP Paribas and Barclays are organising the flotation with the help of Zuercher Kantonalbank and Commerzbank, they added.

Brusa Hypower could announce its IPO plans in late September with the actual listing taking place in October, they said.

In most other SIX IPOs, at least one of the two big Swiss banks Credit Suisse and UBS has a supporting role. The IPO is aimed primarily at institutional investors.

Brusa as well as the banks declined to comment.

$1 = 0.9129 Swiss francs Additional reporting by Christina Amann and Patricia Uhlig; Writing by Michael Shields; Editing by Susan Fenton