After opening at an issue price of 68 francs, the title of the real estate company oscillated around equilibrium before ending slightly down at 66.90 francs.
Epic Switzerland started its first trading day in earnest on Wednesday on the Swiss Stock Exchange. Announced in September 2020, the IPO of this real estate company specializing in retail space had to be postponed due to poor market conditions.
After opening at an issue price of 68 francs, the stock oscillated around equilibrium before ending slightly down at 66.90 francs. Some 284,714 shares were traded. Epic Suisse is the eighteenth real estate company in its category listed on SIX.
Before the exercise of the over-allotment option, the company thus raised 183 million francs, the total market capitalization being 693 million. The free float currently stands at 26.4% before the exercise of the over-allotment option. If the over-allotment option of a total of nearly 300,000 shares is fully exercised, the gross proceeds will increase to approximately 203 million.
Founded in 2004 and specializing in commercial real estate, Epic owns 25 properties in the main economic centers of Switzerland, mainly in the Lake Geneva region and the canton of Zurich.
At the end of 2021, the value of Epic’s portfolio stood at 1.5 billion francs and net rental income at 58.6 million. Annual profit was 77.5 million, compared to 34.4 million the previous year. The company expects to pay a dividend of 3 francs per share for the current financial year and 80% of operating cash thereafter.
In mid-May, Epic had indicated that the founders and initial shareholders, the Israeli Alrov Properties & Lodgings holding 77.8% and the Greenbaum family with 22.2%, did not intend to sell their shares, but “to remain fully invested and long-term commitments to Epic”. They had also approved a blocking period of 12 months from the first day of trading on SIX.