(Adds details, comment from CEO)
ZURICH, June 20 (Reuters) - Swiss gearmaker Klingelnberg said on Wednesday it had priced its initial share offering (IPO) at 53 Swiss francs per share as its family owners sell a significant stake and the firm raises 20 million euros ($23.15 million) for growth by selling new stock.
The 265 million Swiss franc offering, including the greenshoe, is projected to leave the company with a free float of 56.6 percent.
A bookrunner previously said books were covered, amid strong interest from investors for stock in the 155-year-old Zurich-headquartered company which was founded near Remscheid in Germany.
Trading begins on the SIX Swiss Exchange on Wednesday.
Klingelnberg, which makes gears for trains and automobiles including Formula 1 racing cars as well as precision machinery for grinding and measuring, sold shares to raise money for expansion.
The company wants to boost its profile among customers and potential employees while its founders' heirs wanted monetize a substantial portion of their holdings.
"Our family and I will remain anchor shareholders and we will continue to be fully engaged in the company," said Chief Executive Officer Jan Klingelnberg, in a statement.
Shareholders including the family and members of the board and executive team have agreed to a 24-month lockup.
In all, 4.1 million existing shares owned by the family were placed with investors, along with 440,000 newly created shares. The greenshoe of 461,845 existing shares may be sold in the next thirty days by the global bookrunners.
Credit Suisse and Berenberg are joint global coordinators and joint bookrunners for the IPO. Vontobel is joint bookrunner. ($1 = 0.8638 euros) (Reporting by John Miller, editing by John Revill)