April 12, 2019 / 5:37 AM / 2 months ago

UPDATE 1-Stadler Rail IPO values Swiss group at $3.8 bln

(Adds IPO detail and background)

ZURICH, April 12 (Reuters) - Stadler Rail's initial public offering (IPO) issue price has been set at 38 Swiss francs per share, valuing the Swiss group at 3.8 billion francs ($3.79 billion), the company said on Friday ahead of its debut on the SIX Swiss Exchange.

The issue price, which Reuters had reported on Thursday, was in the upper half of the original price range of 33 to 41 Swiss francs per share.

The free float is expected to be 38.2 percent before exercise of an overallotment option, and 43.4 percent if the option is exercised in full.

The IPO was several times oversubscribed, given the strong demand from institutional investors and Swiss retail investors, the company said. The flotation aims to help Stadler finance acquisitions and strengthen its hand when it bid for contracts.

Billionaire Chairman Peter Spuhler is selling down part of his 80 percent stake in the Swiss train and carriage manufacturer, although he intends to stay on as the largest investor in the company he has run since 1989.

$1 = 1.0023 Swiss francs Reporting by Michael Shields and Oliver Hirt; Editing by Riham Alkousaa and Sherry Jacob-Phillips

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