The operator Sunrise returned to the Swiss Stock Exchange on Friday, more than three years after leaving it. The newly listed share on SIX Swiss Exchange opened at a price of 44.75 francs, while the old title was trading above 100 francs shortly before its withdrawal in April 2021.
Around 9:30 a.m., Sunrise shares were trading at 46.00 francs, an increase of 5.1% compared to the opening price. Some 87,300 securities have been traded so far, out of a total of some 68.8 million registered shares. The market valuation of the Zurich group is around 3.2 billion francs.
Sunrise left the Zurich stock exchange on April 6, 2021 following its acquisition by the American Liberty Global in 2020. The return to the Swiss Stock Exchange offers an opportunity for direct investment in a company which presents itself as “the challenger” on the Swiss telecommunications market, the operator said on Friday.
Sunrise’s A share is listed with the symbol “SUNN” and is to be included in the broader market index Swiss Performance Index (SPI) in one week, on November 22.
Not a classic starter
This is not a classic initial public offering (IPO), since it is not accompanied by an issue of securities sold to the public. This operation was carried out previously and the securities concerned were intended exclusively for Liberty Global shareholders.
Since November 8, Sunrise is no longer a subsidiary of the American group after the outsourcing of the Zurich operator. On this occasion, 68,759,702 A shares were issued, as were the 25,977,316 registered B shares. Only the first category is traded in Zurich.
The liquidity of the security will be directly linked to the propensity of holders of A shares to trade them on the Swiss Stock Exchange.
The listing of Sunrise on SIX Swiss Exchange follows Thursday’s listing of American Depositary Shares or ADSs on Wall Street, on the American technology index Nasdaq. On October 25, Liberty Global shareholders approved the proposed 100% spin-off of Sunrise and the distribution of a dividend in kind in the form of ADSs, which holders have the right to convert into Sunrise shares.
