Stadler Rail AG launched on March 29, its Initial Public Offering on SIX Swiss Exchange, with a bookbuilding process to begin on April 1 and is expected to end on or around 11 April 2019. The listing and first day of trading on SIX Swiss Exchange is expected to be on or around 12 April 2019.
The price range for the offered shares has been set at CHF 33 to 41 per share (EUR 29.5-36.7 per share), implying an offer size of approximately CHF 1155 million (EUR 1 billion) to CHF 1435 million (EUR 1.28 billion) for the base offering and a total market capitalization of approximately CHF 3.3 billion (EUR 2.95 billion) to CHF 4.1 billion (EUR 3.67 billion).
The IPO consists of up to 40 250 000 existing shares. In the base offering, up to 35 million existing shares will be offered by Peter Spuhler (directly and indirectly via PCS Holding AG). In addition, the Joint Global Coordinators have been granted an over-allotment option of up to 5 250 000 existing shares, equivalent to up to 15 per cent of the base offer size. In total, up to 40 250 000 existing shares are being offered in the IPO (including the over-allotment option).
Peter Spuhler will maintain his long-term commitment to Stadler as its largest shareholder and will continue to act as Executive Chairman post IPO.
The free float of Stadler is expected to amount to 38.16 per cent before exercise of the over-allotment option and 43.41 per cent if the over-allotment option is exercised in full. After the listing and assuming the over-allotment option is exercised in full, Peter Spuhler will hold 39.70 per cent of the share capital of Stadler.
In 2018, Stadler generated CHF 2 billion (EUR 1.79 billion) in net revenue and has achieved a net revenue CAGR of approximately 7% between 2008 and 2018. The sustainability of its growth is underpinned by its order backlog of CHF 13.2 billion (EUR 11.8 billion) as of 31 December 2018, which represents an increase of 19.3 per cent compared to 31 December 2017 and secures 85% net revenue for the next two years.
For 2019, the company targets a stable level of order intake in line with the CHF 4.4 billion (EUR 3.9 billion) achieved in 2018, net revenue of approximately CHF 3.5 billion (EUR 3.13 billion), of which more than 95 per cent are already secured by existing orders, and a stable EBIT margin.