Stock market launch for Varia
Varia US Properties AG has completed its IPO. The company's shares will be listed on the SIX Swiss Exchange as of today, December 8, 2016.
A total of around 3.1 million shares were issued at an issue price of CHF 35 each. If the over-allotment option of up to 464,562 shares is exercised in full, the company will issue a total of around 3.56 million new registered shares. This corresponds to a placement volume of CHF 124.7 million and a market capitalization of CHF 233.1 million. The free float will reach around 40 percent if the over-allotment option is exercised in full.
According to Varia, demand for the shares from Swiss and international institutional investors as well as domestic private investors was so high that the offer was oversubscribed.
Varia US Properties AG is a Swiss real estate company founded in 2015 that operates exclusively in the US multifamily housing sector with a focus on the secondary and tertiary markets. The company acquires, holds, restructures and repositions properties in metropolitan areas of the US in order to generate stable rental income and value appreciation. As at June 30, 2016, Varia's real estate portfolio had an investment volume of USD 301 million and comprised 39 properties with approximately 5,000 residential units in 14 US states. (ah)
