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UPDATE 1-Swiss telecoms firm Sunrise says prices IPO at 68 Sfr/share
February 6, 2015 / 6:33 AM / 3 years ago

UPDATE 1-Swiss telecoms firm Sunrise says prices IPO at 68 Sfr/share

* Sunrise raises 1.36 bln Sfr in IPO

* Plans to pay down debt, expand with proceeds (Adds Sunrise comments)

ZURICH, Feb 6 (Reuters) - Swiss telecoms firm Sunrise said on Friday it will sell its shares at 68 Swiss francs each in an initial public offering (IPO), giving it a market value of 3.06 billion Swiss francs ($3.31 billion).

“The IPO was multiple times over-subscribed at the offer price due to strong demand from Swiss and international institutional investors and private clients,” Zurich-based Sunrise said in a statement.

On Thursday, Reuters reported the offering price and that Sunrise had increased the size of its stock market listing by roughly a fifth because of strong investor demand.

Backed by European private equity fund CVC, Sunrise is raising proceeds of 1.36 billion francs with the listing, which went ahead despite a surge in the Swiss franc after the central bank shocked financial markets by scrapping a cap on the currency against the euro.

Sunrise, which is using Swiss tennis star Roger Federer to promote its brand, has said it plans to use the IPO proceeds to pay down debt and step up its challenge to Swisscom, the market leader. ($1 = 0.9231 Swiss francs) (Reporting By Katharina Bart; Editing by Sunil Nair and Muralikumar Anantharaman)

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