May 30, 2018 / 5:19 AM / a year ago

Machinery maker Klingelnberg aims to raise 20 mln euros in Swiss IPO

ZURICH, May 30 (Reuters) - Machinery maker Klingelnberg plans to raise about 20 million euros ($23.1 million) by selling shares that will trade on the Swiss exchange, with the proceeds going to help boost growth and acquisition opportunities, it said on Wednesday.

The 155-year-old Zurich-headquartered company with roots in the industrial region surrounding Remscheid, Germany, makes gears for trains and automobiles including Formula 1 racing cars as well as precision machinery for grinding and measuring.

The free float following the initial public offering (IPO) is expected to amount to about 50 percent, before a 10 percent overallotment option, the company with annual sales of around 260 million euros said in a statement. ($1 = 0.8665 euros) (Reporting by John Miller; Editing by Michael Shields)

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