July 20, 2017 / 12:50 PM / a year ago

Toshiba's Landis+Gyr prices IPO at 78 Sfr per share - source

ZURICH, July 20 (Reuters) - Swiss smart meter maker Landis+Gyr has priced its initial public offering (IPO) at 78 Swiss francs per share, a source familiar with the matter said on Thursday.

This would imply a market value of just under 2.3 billion Swiss francs ($2.4 billion) for the company, putting it on track for the biggest Swiss IPO since Petroplus in 2006.

The IPO price range had been set at 70 to 82 francs per share.

The shares are due to start trading on the SIX Swiss Exchange on July 21.

A spokesman for Landis+Gyr said the official price would be known on Friday.

Landis+Gyr is majority-owned by Japan’s Toshiba. Toshiba is seeking to sell assets after warning of heavy losses for the past year.

($1 = 0.9611 Swiss francs)

Reporting by Joshua Franklin and Rupert Pretterklieber in Zurich. Editing by Tom Pfeiffer and Jane Merriman

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