Sensirion Holding AG, a leading global manufacturer of environmental and flow sensors domiciled in Staefa, Switzerland, has announced the launch of its initial public offering (“IPO”) on SIX Swiss Exchange.
The shares of Sensirion were priced at CHF 36 per share, at the top end of the price range, corresponding to a placement volume of CHF 276 million and a total market capitalization for Sensirion of CHF 504 million (before exercise of the over-allotment option).
Sensirion will raise gross proceeds from the IPO of CHF 55 million (before exercise of the over-allotment option).
Sensirion has established a stable pool of anchor shareholders, including the Founders and Co-Chairmen of Sensirion, Moritz Lechner and Felix Mayer, with the objective of creating long-term value for its shareholders by maintaining the company’s entrepreneurial long-term strategy.
The bank syndicate placed 6,150,000 existing shares being offered by the majority shareholder, Gottlieb Knoch, and 1,530,000 newly issued shares offered by Sensirion in the base offering. The net proceeds from the primary offering will provide Sensirion with enhanced flexibility for its future financing and corporate strategy and will enable Sensirion to exploit additional growth opportunities.
Sensirion has also granted the Joint Global Coordinators an over-allotment option of up to 1,152,000 newly issued registered shares, representing up to 15% of the total number of shares in the base offering, exercisable within 30 calendar days after the first day of trading on SIX Swiss Exchange. If the over-allotment option is exercised in full, the placement volume of the IPO will be CHF 318 million and the total market capitalization for Sensirion will be CHF 545 million.
Credit Suisse and J.P. Morgan are acting as Joint Global Coordinators and Joint Bookrunners, along with Bank Vontobel AG as Co-Bookrunner.
Lazard is acting as financial adviser and Homburger AG as legal adviser to Sensirion. The Homburger team was led by partner Daniel Daeniker (Corporate | M&A) and comprised lead associates Vanessa Isler (Financial Services) for the offering memorandum, Margrit Marti and Daniel Häusermann (both Corporate | M&A) for the corporate law documentation. Further team members were partner Stefan Oesterhelt and associate Martin Schenk (both Tax) as well as associates Sergio Bortolani (Employment Law), Lorenzo Togni (Corporate | M&A), and junior associate Fabiana Wichert (Corporate | M&A).
Sullivan & Cromwell LLP acted as U.S. counsel to the underwriters.
NKF acted as Swiss counsel to the underwriters with a team led by Philippe Weber (Partner, in picture), Thomas Brönnimann (Partner), Christina Del Vecchio (Counsel), Deirdre Ni Annrachain (Associate) and Pascal Hodel (Junior Associate).
Involved fees earner: Philippe Weber – Niederer Kraft & Frey Ltd; Thomas Brönnimann – Niederer Kraft & Frey Ltd; Christina Del Vecchio – Niederer Kraft & Frey Ltd; Deirdre Ni Annrachain – Niederer Kraft & Frey Ltd; Pascal Hodel – Niederer Kraft & Frey Ltd; Daniel Daeniker – Homburger; Margrit Marti – Homburger; Daniel Häusermann – Homburger; Lorenzo Togni – Homburger; Fabiana Wichert – Homburger; Vanessa Isler – Homburger; Stefan Oesterhelt – Homburger; Martin Schenk – Homburger; Sergio Bortolani – Homburger;