Sunrise IPO raises $2.2 billion
Swiss telecoms company Sunrise Communications raised $2.2 billion (2 billion Swiss francs) in a strong trading debut on the SIX Swiss Exchange on Friday.
Sunrise sold its shares at 68 Swiss francs each in the IPO, giving it a market value of $3.31 billion (3.06 billion Swiss francs).
"The IPO was multiple times oversubscribed at the offer price due to strong demand from Swiss and international institutional investors and private clients," Zurich-based Sunrise said in a statement.
“[It] 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.”
Deutsche Bank and UBS were joint global co-ordinators and joint bookrunners for the IPO. Morgan Stanley and Berenberg acted as additional joint bookrunners, and Bank Vontobel, co-lead manager.