SWITZERLAND: Stadler Rail announced the launch of its initial public offering and published its offering memorandum on March 29. This comes ahead of the start of the bookbuilding process on April 1 and the listing and first day of trading on the SIX Swiss Exchange on April 12.

The IPO consists of up to 40 250 000 existing shares. In the base offering, up to 35 000 000 existing shares will be offered by Executive Chairman and current majority owner Peter Spuhler, directly and indirectly via PCS Holding. In addition, the joint global co-ordinators have been granted an over-allotment option of up to 5 250 000 existing shares, equivalent to up to 15% of the base offer size.

The price range has been set at SFr33 to SFr41 per share, implying an offer size of approximately SFr1·155bn to SFr1·435bn for the base offering and a total market capitalisation of approximately SFr3·3bn to SFr4·1bn. The free float is expected to amount to 38·16% before exercise of the overallotment option and 43·41% if the over-allotment option is exercised in full.

Peter Spuhler would remain as Executive Chairman. He currently holds 80% of the share capital, with the remainder being held by RAG Stiftung (10%) and key employees (10%). After the IPO he would hold 39·7% if the overallotment option is exercised in full.

Credit Suisse and UBS are acting as joint global co-ordinators and joint bookrunners for the IPO. BNP Paribas, Citigroup and Zürcher Kantonalbank are acting as joint bookrunners and UniCredit Bank as Co-Lead Manager, while Reichmuth & Co, St Galler Kantonalbank and Thurgauer Kantonalbank are acting as selling agents in connection with the IPO. Alantra is acting as independent financial advisor to Stadler and Peter Spuhler. Niederer Kraft Frey and BianchiSchwald are acting as legal advisors to Stadler and Peter Spuhler, with Lenz & Staehelin representing the bank syndicate.