Winterthur Technology Ltd, Zug lists on SWX Swiss Exchange at CHF 33.00 per share
Zurich (ots)
Winterthur Technology Group today announced the successful completion of its IPO on the SWX Swiss Exchange which was more than three times oversubscribed. The issue price for one registered share has been set at CHF 33.00. The shares will commence trading on 1 July 2005.
Winterthur Technology set the issue price at CHF 33.00 per share, the midpoint of the price range of CHF 30.00 - 36.00. The company issued 1,050,000 new shares and a further 1,865,270 shares representing the entire holdings of the private equity investors were placed. The offering was more than 3 times oversubscribed. In addition to the total base offering of 2,915,270 shares, a further up to 440,000 shares (of which 290,000 are new shares and 150,000 shares from the holdings of Dr. Edgar Rappold) are available as part of the greenshoe option. After the listing, 3,630,170 shares (excluding the greenshoe option) will be outstanding, translating into a total market capitalization of approx. CHF 120 million. The total offer size amounts to approx. CHF 96 million (or approx. CHF 111 million following the full exercise of the greenshoe option). The free-float equals approx. 80% (or approx. 86% if the greenshoe option is fully exercised).
Dr. Edgar Rappold, CEO of Winterthur Technology Group commented: "The listing of our shares today on the SWX Swiss Exchange represents a significant milestone in the Company's 130-year history. I am delighted about the level and quality of investors' demand which underpins the market's confidence in Winterthur Technology's prospects as a public company."
Credit Suisse First Boston and Erste Bank der oesterreichischen Sparkassen AG were Joint Lead Managers and Joint Bookrunners for the IPO.
About the Company
Winterthur Technology Group, a leading European provider of complex abrasive solutions, is headquartered in Zug and has operations in Switzerland, Austria and Sweden. Winterthur Technology Ltd is a holding company under Swiss law. It has around 580 employees and achieved sales of approximately CHF 110 million in 2004. Working closely with clients, the company develops and produces complex high-margin, high-tech abrasive consumables, primarily grinding tools used in the automotive, gas turbine and steel industries. Production is located in Austria (Villach) and Sweden (Västervik). The company has a finishing plant and a logistics centre in Switzerland (Winterthur). The Group's main brands are Winterthur, Rappold and SlipNaxos. Winterthur Technology's products - vitrified and resin-bonded grinding wheels, cutting-off wheels and superabrasive tools - are sold in all relevant European markets as well as in North and South America, and Asia.
Please note: Pictures from the first trading day at SWX Swiss Exchange can be downloaded from the Company's webpage www.winterthurtechnology.com as of 1 July 2005 after 12.00.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN THE UNITED STATES
For further information, please contact: Dr. Edgar Rappold, CEO Markus Brütsch, CFO Winterthur Technology Ltd
Coordination: Aloys Hirzel, Hirzel.Neef.Schmid.Konsulenten Phone: +41 43 344 42 42 Email: a-hirzel@konsulenten.ch
This press release constitutes neither an offer to sell nor a solicitation to buy securities of Winterthur Technology Ltd. A prospectus in accordance with Swiss and Austrian law has been duly published and is held available at the offices of Credit Suisse, Zurich, Switzerland (tel. +41 (0)44 333 43 85, fax +41 (0)44 333 23 88, email: equity.prospectus@csfb.com) and at the offices of Erste Bank, Graben 21, 1010 Vienna, Austria (Kassensaal, Informationsschalter). Only the information contained in the prospectus is legally binding and authoritative with respect to the offer of securities of Winterthur Technology Ltd. This document and the information contained herein must not be distributed in the United States of America or to United States persons or publications with a general circulation in the United States. This document does not constitute an offer for sale of any securities of Winterthur Technology Ltd in the United States. No offering of securities of Winterthur Technology Ltd will be made in the United States.
This document is directed only at persons (i) who are outside the
United Kingdom or (ii) who have professional experience in matters
relating to investments falling within article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2001 (as
amended) (the "Order") or (iii) who fall within article 49(2)(a) to
(d) ("high net worth companies, unincorporated associations etc.") of
the Order (all such persons together being referred to as "Relevant
Persons"). Any person who is not a Relevant Person must not act or
rely on this communication or any of its contents. Any investment or
investment activity to which this communication relates is available
only to Relevant Persons and will be engaged in only with Relevant
Persons.