Swiss online property portal SMG prices IPO at $5.68B, tops range, heavily oversubscribed.

Swiss Marketplace Group (SMG) priced its IPO at 46 Swiss francs per share, valuing the company at 4.5 billion francs ($5.68 billion), at the top of its expected range. The offering, which included 19.6 million shares with an option for 2.9 million more, was heavily oversubscribed by Swiss and international investors, including Pictet Asset Management and BlackRock. The company, Switzerland’s largest online property portal, is backed by TX Group and General Atlantic and began trading on the SIX Swiss Exchange. The strong reception signals renewed investor interest in European IPOs amid expectations of increased market activity in Zurich and Frankfurt.