Company News

UPDATE 1-Real estate company Epic Suisse aims for IPO in next few months -sources

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ZURICH, Sept 11 (Reuters) - Real estate company Epic Suisse wants to float on the Swiss stock exchange, with a transaction planned in the next few months, sources have told Reuters.

Shares worth around 150 million Swiss francs ($165 million) will be placed in the initial public offering being organised by UBS and Zuercher Kantonalbank, the sources said.

The company, which was founded in 2004, buys and leases offices and warehouses, as well as shopping centres.

Chief Executive Arik Parizer declined to comment on an IPO timetable, saying on Friday that Epic was looking at various options for the company which has offices in Zurich and Lausanne.

“A possible IPO is one of these options,” Parizer told Reuters in an emailed statement. Parizer and Chairman Roni Greenbaum are both major shareholders in the company.

UBS and ZKB both declined to comment.

Against a backdrop of the COVID-19 crisis, flotations have been scarce in Switzerland this year. So far only two have listed on the SIX Swiss Exchange in 2020, down from seven new entrants in 2019.

This year’s new entrants - household appliance maker V-Zug and real estate company Ina Invest - both floated after spinning off from their parent companies. ($1 = 0.9092 Swiss francs) (Reporting by Arno Schuetze, additional reporting by Oliver Hirt, writing by John Revill, editing by Susan Fenton)