KKR-backed SoftwareOne announces CHF 16.5-21 price range

The pricing range implies an offer size of CHF 636-810m and a market capitalisation of CHF 2.5bn-3.2bn.

The listing of shares and first day of trading is scheduled for 25 October 2019. The selling shareholders have agreed to a six-month lock-up period.

KKR acquired a 25% stake in SoftwareOne in 2015, drawing equity from its KKR European Fund IV.

KKR now holds around 21% of shares, with Peruni Holding owning 15%, and management, employees and other shareholders holding 41%. The company's three founding shareholders own the remainder.

The IPO is expected to consist entirely of secondary shares from KKR, Peruni, employees and other shareholders. The founding shareholders will jointly maintain the largest stake, while KKR intends to retain a significant interest following the IPO.

The company generated pro forma gross profit of CHF 724m and pro forma adjusted EBITDA of CHF 187m for 2018.

Credit Suisse, JP Morgan and UBS Investment Bank are acting as joint global coordinators and joint bookrunners, while BNP Paribas, Citi, Deutsche Bank, UniCredit and Zürcher Kantonalbank are acting as joint bookrunners. Rothschild & Co is acting as corporate finance adviser to the company.

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