Landis IPO five times oversubscribed, Jost Werke trades up
The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.
On Wednesday morning, the leads had said orders below Sfr78, two thirds of the way up the initial Sfr70-Sfr82 range, risked missing out and the deal was multiple times covered at that price. The books closed at 2pm on Thursday.“It was good,” said a banker on the ...
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