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Credit Suisse's Illy expects 3 to 5 Swiss IPOs in 2017
December 15, 2016 / 1:36 PM / a year ago

Credit Suisse's Illy expects 3 to 5 Swiss IPOs in 2017

ZURICH, Dec 15 (Reuters) - There will be at least three initial public offerings in Switzerland in 2017, a senior Credit Suisse investment banker said on Thursday.

These transactions could come from the health, financial, industrial, consumer, service and technology sectors, Marco Illy, the bank’s chairman of corporate and investment banking in Switzerland, told reporters.

“I would say definitely three, but it might also very likely be five,” Illy said.

There have been five new listings this year on Switzerland’s SIX stock exchange, the largest of which was VAT Group with a transaction size of 621 million Swiss francs ($603 million).

The total IPO transaction volume in 2016 was around 900 million francs, Switzerland’s lowest since 2011, Credit Suisse said.

Credit Suisse expects that to rise next year to more than 4.5 billion francs, which Illy described as a “conservative prediction”.

Swiss IPO volumes will likely be boosted by Credit Suisse’s own partial flotation of its domestic unit, Credit Suisse (Schweiz). It plans to sell a stake of 20-30 percent in the second half of 2017 subject to market conditions.

Illy, who is leading the IPO process, said there will be investor demand for a bank which generates recurring income, is nationally focused and offers an attractive dividend.

Credit Suisse is also working with two other unnamed financial institutions which are considering IPOs, Illy said.

$1 = 1.0294 Swiss francs Reporting by Joshua Franklin; Editing by Ruth Pitchford

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