EFG Group announces IPO range
The Swiss private bank EFG has revealed that the price range for its forthcoming initial public offering will be in the region of CHF5.2-6.2 billion ($4.1-4.9 billion).
The bank is to establish a holding company, EFG International, in which some just over 42 million new shares will be made available. The stocks are to float on the Swiss stock exchange. EFG is anticipating a free float of some 27.71%, under the assumption that 15% over allotment option is implemented, and each share is likely to be worth between CHF34 and CHF41. The IPO comes amid a wave of consolidation in the Swiss private banking arena, with Julius Baer only last month opting to purchase a set of private banks and asset managers from UBS.
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