EFG Financial Products Holding AG, the Zurich-based integrated structured investment service provider, today announced that it set the offering price at CHF 45 per registered share in its initial public offering. Trading in shares of EFG Financial Products Holding AG (FPHN) at the SIX Swiss Exchange begins on Friday, 19 October 2012.
Following the successful bookbuilding process with a price range of CHF 40 to CHF 50 per registered share of EFG Financial Products Holding AG, the offering price was set at CHF 45 per share. The offering was signifi cantly oversubscribed at the offering price.
EFG Financial Products issued 1,666,665 new registered shares in the offering, thereby expecting to raise circa CHF 75 million in gross proceeds upon completion of the IPO. In addition to the newly issued shares, 1,270,472 registered shares were sold by EFG International in the base offering. Furthermore, EFG International has granted the underwriters an over-allotment option of up to 293,713 additional registered shares, which can be exercised within 30 days after the fi rst day of trading in shares of EFG Financial Products. The total volume of the transaction is circa CHF 132 million, or circa CHF 145 million if the over-allotment option is exercised in full.
The issued share capital of EFG Financial Products now comprises 6,666,665 registered shares with a nominal value of CHF 2 per share. Based on the offering price, the market capitalisation of EFG Financial Products is CHF 300 million.
EFG International has reduced its stake in EFG Financial Products from previously circa 58% to circa 25%, decreasing further to circa 20% if the over-allotment option is exercised in full. EFG International has agreed to a lock-up of its remaining stake which ends twelve months after the fi rst trading day
The founding partners and the shareholder employees of EFG Financial Products, who together hold circa 31% of the company, have agreed to a lock-up of fi ve years (with a phased release from the end of year three) and three years (with a phased release from the end of year one), respectively.
The free-fl oat of EFG Financial Products – which excludes the shares held by EFG International as well as those held by the founding partners and shareholder employees – amounts to circa 44.1%, increasing to circa 48.5% if the over-allotment option is exercised in full.
Trading in shares of EFG Financial Products Holding AG under the ticker symbol FPHN on the SIX Swiss Exchange will begin on Friday, 19 October 2012. Book-entry delivery of the shares against payment of the offer price is planned for October 24, 2012.
Credit Suisse acted as global coordinator and bookrunner of the IPO. Bank Vontobel AG and Crédit Agricole CIB acted as co-lead managers. Rothschild acted as fi nancial advisor to EFG International and EFG Financial Products.
Jan Schoch, CEO of EFG Financial Products: “We are very pleased with the successful placement of our shares and the signifi cant demand from investors, including from clients and business partners of EFG Financial Products. We now look forward to developing further our structured investment service platform and to serving our clients as a listed company. In doing so, we will stay true to our guiding principles, which are transparency, service, liquidity, security and sustainability. We will also continue to do our utmost to provide our shareholders with a healthy return on their investment.”