Dufry sets share price as trading starts

Gavin Lipsith

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The group's shares have started trading on the Swiss stock exchange following its initial public offering

Swiss retailer Dufry Group has set a price of SFr80 ($60.61) per share as it begins trading today (December 6). Up to 31% of the group's share capital is being offered on the Swiss stock exchange to provide funding for expansion plans.

Of the 4.1m shares on offer, 2.1m are newly issued and 2m are being sold by private equity funds managed by Dufry owner Advent International. There is an over-allotment of 400,000 shares in case the offer is over-subscribed. In total the offering is worth SFr326m ($247m), or SFr358m ($271m) with the over-allotment, representing 29% or 31% respectively of the company's total market capitalisation of SFr1.125bn ($852m).

However, according to Dow Jones Newswires the shares are currently trading slightly below the offer price, reflecting investors' caution at the concession-based business model and the business's dependence on healthy travel.