WLTW

Willis Towers Watson Public Limited Company

231.56
USD
-1.19%
231.56
USD
-1.19%
197.63 271.87
52 weeks
52 weeks

Mkt Cap 28.85B

Shares Out 124.61M

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Swiss property group Epic Suisse raises $190 mln in IPO

ZURICH, May 25 (Reuters) - Epic Suisse EPIC.S raised 183 million Swiss francs ($190 million) from its initial public offering (IPO), the property group said, as it prepared to trade on the SIX Swiss Exchange on Wednesday. The offer price for its shares was set at 68 francs per share, giving the company a market capitalisation of 693 million francs. The company, which has a portfolio of 25 properties in the Lake Geneva and Zurich areas, raised 183 million francs from the IPO before the exercise of the over-allotment option, which would raise an additional 20 million francs if fully exercised. The shares are due to begin trading at 0700 GMT on the SIX Swiss Exchange. The company said it will use the proceeds to fund its development projects as well as potential acquisitions and also pay back debts. Founders and current shareholders Alrov Properties & Lodgings and the Greenbaum family did not sell any shares in the IPO, but remain invested and committed to the long-term development of EPIC, the company said. The principal shareholders have agreed to a lock-up ending 12 months after the first trading day. The current free float is 26.4%. Credit Suisse and Zuercher Kantonalbank acted as joint global coordinators and joint bookrunners for the IPO. Swiss Finance & Property AG is co-manager. ($1 = 0.9623 Swiss francs) (Reporting by John Revill; Editing by Sherry Jacob-Phillips) ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters Messaging: john.revill.thomsonreuters.com@reuters.net)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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