Successful pricing for Stadler IPO

Stadler Rail AG announces the successful pricing of the Initial Public Offering at CHF 38 (EUR 33.68) per share in the upper half of the announced price range of CHF 33 to 41 per share, implying an offer size of CHF 1.33 billion (EUR 1.18 billion) for the base offering and a market capitalisation of CHF 3.8 billion (EUR 3.37 billion).
The shares of Stadler will start trading on SIX Swiss Exchange on 12 April with settlement of the IPO expected to occur on 16 April 2019.
Peter Spuhler, directly and indirectly via PCS Holding AG, offered 35 million existing shares in the base offering and, in addition, the Joint Global Coordinators have been granted an over-allotment option of up to 5,25 million existing shares, representing up to 15 per cent of the base offer size.
The free float is expected to be 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, implying a total placement volume of up to CHF 1.53 billion and a total market capitalisation of CHF 3.8 billion.
“I am delighted about the successful pricing of our IPO and the strong investor demand for Stadler’s shares. The order book reflects the strong interest from Swiss and international institutional investors as well as from domestic private investors in our company,” Peter Spuhler, Executive Chairman of Stadler, said.
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. The company, RAG-Stiftung and all members of Stadler’s Board of Directors and Group Executive Board have committed to a lock-up period of twelve months from the first day of trading. The Selling Shareholders have agreed to a lock-up period of twelve months from the first day of trading in respect of 100 per cent of the shares they will, directly or indirectly, hold after the Offering, plus a commitment that their combined shareholdings will not fall below 30 per cent for an additional 24 months.

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