The A shares of the telecommunications company Sunrise have been successfully listed on the Swiss SIX stock exchange following its spin-off from the US company Liberty.
Sunrise shares began trading on SIX today. The opening price was 44.75 francs. This brings the company’s market capitalization to around 3.19 billion francs.
Sunrise is a returnee. The telecom provider was delisted in 2021 after being taken over by Liberty Global.
This means that SIX can record one of the largest IPOs of the year. So far, only the US company Lineage ($5.1 billion) and the Chinese Midea Group ($4.0 billion) have achieved higher valuations in their IPOs. The cosmetics company Galderma was launched on the SIX in the spring with a market capitalization of almost 2.3 billion francs.
Growth and dividends
“As of today, Sunrise is returning to SIX Swiss Exchange as an independent company,” says Sunrise CEO Andre Krause. “I believe that Sunrise is better and stronger than ever before.” One could build on the strong position as number two in the attractive Swiss telecommunications market and the Sunrise shares would represent a convincing investment opportunity. “Sunrise is focused on growth and returns on capital, and we expect an attractive, progressive dividend policy,” the company boss further emphasizes.
Separation from Liberty
But Sunrise is not an IPO in the traditional sense with the issue of new shares. The spin-off from Liberty was carried out by issuing American Depositary Shares (ADS) to its shareholders, which can be traded on Nasdaq and exchanged for Sunrise shares. For every five shares of Liberty Global, shareholders received one A share of Sunrise.
Only these are traded on SIX. There are also securities in share category B with ten times the voting power. In addition, Liberty bosses John Malone and Mike Fries will continue to hold around a quarter of the Swiss company.
In total, the number of Sunrise shares amounts to around 68.76 million Class A shares and around 25,99 million Class B shares.
The previous daily high is 46.97 francs and currently (11 a.m.) Sunrise is trading at 45.16 francs.
Swiss
