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UPDATE 1-Poenina says IPO raises 39.1 mln SFR as building company seeks targets
November 15, 2017 / 7:25 AM / a month ago

UPDATE 1-Poenina says IPO raises 39.1 mln SFR as building company seeks targets

(Adds details about IPO, comment from CEO)

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

Opfikon-based Poenina priced its IPO at 46 francs per share, the top end of its range, for an implied market capitalisation of 115 million francs, said Chief Executive Jean Claude Bregy. He sold 350,000 of his own shares, including the overallotment, in addition to the 500,000 shares from a capital increase. The sole lead manager was Zuercher Kantonalbank.

Of the proceeds, 21.4 million francs will go to Poenina to finance its growth strategy, in particular, the purchase of new companies and refinancing of previous acquisitions that will temporarily reduce debt, it said.

Poenina, which competes in Switzerland’s fragmented heating, cooling and plumbing market, said its acquisition strategy will be opportunistic.

“There are many interesting targets but we won’t put ourselves under pressure and will only seize the opportunity when conditions are appropriate,” Bregy said in a statement.

While Switzerland’s building technology market is made up of small companies operating locally, Poenina also goes up against much larger competitors, including the Swiss unit of France’s Engie.

Shares are due to start trading on Thursday. ($1 = 0.9889 Swiss francs) (Reporting by John Miller; editing by Brenna Hughes Neghaiwi and Louise Heavens)

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