* Due to make debut on Swiss bourse on April 16
* Sets price range of 40-52 Sfr
* To raise 105 million Sfr
* Plans to use proceeds to fund acquisitions (Adds details)
ZURICH, April 1 (Reuters) - Online travel agency Bravofly Rumbo Group has set the price range for its initial public offering (IPO) at 40.00 to 52.00 Swiss francs ($45-$59) per share and expects to make its debut on the Swiss bourse on April 16, the company said on Tuesday.
The expected offer price gives the Swiss company an implied market capitalisation of around 650-750 million francs, not including the exercise of an over-allotment option, it said in a statement. The book-building process runs from Wednesday until April 15.
That means proceeds of around 105 million francs from issuing new shares, compared to its original intention to raise up 110 million euros ($151.74 million) to expand its business abroad.
The Chiasso-based company, which operates websites Bravofly, Rumbo, Volagratis and Jetcost, will offer 2.625 million new shares as well as 3.145 million existing ones owned by the founders, private equity investors and management.
Bravofly’s owners, which include Italy’s Agnelli family and financier Tito Tettamanti alongside management, will remain the largest shareholder group following the initial public offering.
The expected free float will be between 35.9 and 40.8 percent, excluding the over allotment option of 10 percent, Bravofly Rumbo Group said. The shares are due to begin trading on the SIX Swiss Exchange in Zurich on April 16.
Bravofly plans to use the funds to finance acquisitions in the highly fragmented travel market and is looking to expand in Germany, eastern Europe and Scandinavia, the group’s founder and chairman Fabio Cannavale said.
The company, whose core markets are Italy, Spain and France, is betting that consumers will prefer to use a one-stop-shop to book hotels, flights, cruise trips and rent cars.
Founded in 2004, it generated an operating profit of 22.8 million euros last year on revenues of 123.2 million, up 64 percent on the year.
Spanish rival eDreams Odigeo, which operates under the brands Opodo, GO Voyages, eDreams and Travellink, has also launched an IPO for early April to raise 50 million euros to pay off debt and fund its further expansion.
Credit Suisse, UBS and Morgan Stanley are joint global coordinators and joint bookrunners for Bravofly’s IPO, while Mediobanca is also a joint bookrunner.
$1 = 0.8834 Swiss Francs $1 = 0.7249 Euros Reporting by Caroline Copley. Additional reporting by Rupert Pretterklieber. Editing by Jane Merriman