Capvis, Partners Group set price range for VAT listing

Assuming a market cap of CHF 1.3bn and full exercise of the over-allotment option, the investors are hoping to earn CHF 635m as part of the IPO. The price range for the 12 million offered shares, representing 40% of the company's share capital, has been set at CHF 39-46.

VAT generated net sales of CHF 411m and EBITDA of CHF 127m in 2015, representing an increase of 13% compared to 2014. The company targets a dividend payment of CHF 65m for the 2016 financial year.

UBS and Credit Suisse are acting as joint global coordinators and joint bookrunners. JP Morgan is joint bookrunner. Bank Vontobel and Berenberg are co-lead managers, with St Galler Kantonalbank as selling agent. Lilja & Co is advising Partners Group, Capvis Equity Partners and VAT.

Swiss private equity firm Capvis and asset manager Partners Group jointly acquired the vacuum valves manufacturer in January 2014. The company currently has 1,192 employees.

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