November 15, 2017 / 6:35 AM / a year ago

Poenina says IPO raises 39.1 mln SFR as building company seeks targets

ZURICH, Nov 15 (Reuters) - Poenina Holding said on Wednesday it raised 39.1 million Swiss francs ($39.54 million) in an initial share offering aimed at filling the Swiss building technology company’s coffers to make acquisitions.

Poenina, based near Zurich, priced its IPO at 46 francs per share, at the upper end of its range, for an implied market capitalisation of 115 million francs, it said in a statement.

The company, which competes in Switzerland’s fragmented heating, cooling and plumbing market, said it is looking for companies to buy “but won’t put ourselves under pressure and will only seize the opportunity when conditions are appropriate.” ($1 = 0.9889 Swiss francs) (Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

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