It would be the first stock market debut in Switzerland this year. Among other things, the company produces ingredients for a vaccine against corona. A well-known adventurer also has his hands in the game.
AThe first IPO of the year is looming on the SIX Swiss Exchange. The pharmaceutical supplier Polypeptide plans to list its shares on the trading floor in Zurich in the second quarter, subject to the market environment. The company announced this with Swedish roots and headquarters in Zug on Monday. After the planned Initial Public Offering (IPO), up to 40 percent of the share capital is expected to be in free float. Both existing and new shares are to be placed with investors.
Polypeptide CFO Jan Fuhr Miller declined to provide information on the targeted issue volume or the exact time of the listing. According to insiders, the company could have a market value of around 1.5 billion francs. After such an announcement, it usually takes around a month until the first day of trading. The proceeds from the IPO are intended to accelerate investments, drive expansion into new business areas and possibly finance acquisitions.
The transaction is in the hands of the Joint Global Coordinators and Joint Bookrunners Credit Suisse, Morgan Stanley and Bank of America. Also on board are Berenberg, Danske Bank and Zürcher Kantonalbank (ZKB).
Founded in 1996, the polypeptide is controlled by a foundation associated with the Swedish billionaire and adventurer Frederik Paulsen Jr. Paulsen, who lives in western Switzerland, steered a Russian submersible onto the seabed under the North Pole in 2007. Last year, the company with more than 900 employees achieved sales of 223 million euros and an adjusted operating profit (Ebitda) of 62 million euros.
Ingredients for cancer drugs too
Polypeptide develops and produces peptides – active ingredients that are used in cancer drugs, antibiotics, vaccines and anti-wrinkle agents – for pharmaceutical, biotechnology, diagnostics and cosmetics companies. The candidate for the stock exchange operates six production plants in Europe, the United States and India and produces, among other things, ingredients for the Covid-19 vaccine of the American company Novavax. Polypeptides is active in a similar area to the Swiss company Bachem. The company recently appointed Raymond De Vre as CEO. He is to replace the long-time managing director Jane Salik, who wants to concentrate on her role on the board of directors in the future.
In the current year, new record highs on the stock exchanges have attracted numerous companies to the stock market, such as the Vodafone radio tower subsidiary Vantage Towers and the online used car dealer Auto1 in Frankfurt or the Crypot currency exchange Coinbase in the United States. In contrast, there have been no new entries on the Swiss stock exchange so far. Last year, in view of the economic crisis and market turbulence in the wake of the pandemic, only the real estate company Ina Invest and the household appliance company V-Zug dared to take the plunge in Zurich. In 2019, the Six had seven newcomers, including multibillion-dollar companies like the eye care company Alcona.