Alantra acted as independent IPO Advisor to Stadler Rail, a leading global pure-play producer of rolling stock and related systems, on its CHF1,530m IPO on SIX Swiss Exchange

May 2019

IPO

Value CHF1,530m

Alantra, an independent global investment banking and asset management firm, advised Stadler Rail, a leading global pure-play producer of rolling stock and related systems, on its CHF1,530m IPO on SIX Swiss Exchange.

Founded in Switzerland in 1942, Stadler Rail has a long history of design and manufacturing excellence, offering its customers Swiss quality, precision engineering and best-in-class project management capabilities. Stadler’s origins as a local business focused on producing tailor-made trains and locomotives in small batch sizes have built the basis for its expansion into a multinational yet independent organization. Stadler prides itself on its ability to customize its rolling stock product offerings to meet the most varied and challenging customer specifications, while maintaining the ability to tailor-make trains on an individual or modular basis. Over the course of its history, the Company has produced over 8,000 trains and locomotives that currently operate in 41 countries.

The offer price was set at CHF38 per share, in the upper half of the announced price range of CHF33 to 41 per share, valuing Stadler at a market capitalisation of CHF3,800 million. Total offer size was CHF1,530 million, including the CHF200 million over-allotment option, which was exercised already after the 3rd trading day. On the first trading day, the share price closed at CHF43.10 per share, an increase of 13.4% over the offer price, resulting in a market capitalisation of CHF4,310 million.

This landmark transaction represented the largest European IPO in 2019YTD at the time of the IPO and Alantra’s 6th transaction in the last 6 years with Stadler Rail.