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REFILE-DKSH ends IPO drought with listing
March 20, 2012 / 6:17 AM / 6 years ago

REFILE-DKSH ends IPO drought with listing

(Refiles to correct date to March 20, from March 19)

ZURICH, March 20 (Reuters) - Switzerland’s DKSH, which helps companies market and distribute their goods in Asia, priced its initial public offering (IPO) at the top end of an indicated range on Tuesday, making it one of the first sizeable European listing since the middle of last year.

The offer of 30 percent of the Swiss company, which lists the likes of Nestle, Roche and GlaxoSmithKline among its clients, raised 821 million Swiss francs ($901.21 million) for its founding shareholders.

DKSH priced its IPO at 48 Swiss francs per share, compared to a narrowed price guidance of 46 to 48 Swiss francs. The original range was 42 to 48 Swiss francs.

Investors had lined up for a piece of DKSH, which makes the majority of its business in fast-growing Asia, meaning the firm was able to price 24 hours ahead of schedule.

DKSH said in a statement it had also granted its syndicate banks an over-allotment option of up to 10 percent of the shares offered, which can be exercised until April 18.

DKSH had been one of two IPOs underway in Europe after several months of drought that saw European companies put plans on ice due to market volatility. Dutch cable firm Ziggo also completed its IPO on Tuesday. ($1 = 0.9110 Swiss francs) (Reporting by Caroline Copley)

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