Sunrise raised close to €1.3 billion in its initial public offering on Friday, after the Swiss operator priced the offered shares at 68 francs per share.
The Swiss operator said the primary proceeds from the IPO reached about 1.36 billion francs (€1.29 billion) and will allow it to substantially strengthen its b alance sheet and exploit future growth opportunities.
The company noted that the total base offering was 1.99 billion francs (€1.89 billion) with 29.3 million shares. The final price – set at the mid-point of the 58 francs-78 francs price range – gave the company an implied enterprise value of 3.06 billion francs.
“The IPO was multiple times over-subscribed at the offer price due to strong demand from Swiss and international institutional investors and private clients," the company said.
The move completes what Sunrise described as the largest IPO in Switzerland since 2006 and the largest telecom IPO in EMEA since 2004. The shares have now started trading on the SIX Swiss Exchange.
The company is backed by European private equity fund CVC and is the second-largest operator on the Swiss market after Swisscom and ahead of Orange Switzerland.
“The IPO on SIX demonstrates the company’s long-term commitment to the Swiss market and will support its corporate strategy of investing in its state-of-the-art integrated mobile and fixed networks, customer service and innovative products,” Sunrise said.
The company first unveiled plans for an IPO in mid-January. In the most recent quarter to the end of September 2014, Sunrise posted a 2.2% increase in revenues to CHF531 million (€442 million), while EBITDA grew by 6.3% to CHF181 million.
CVC acquired Sunrise for CHF3.3 billion in 2010 from Danish incumbent TDC.
