Latest News

SMG Swiss Market Place, an online property portal, announces its intention to flotation

SMG Swiss Marketplace Group, an online platform for real estate and auto sales, announced on Tuesday its intention to float. This is a sign that the European IPO market has been reviving after a long period of stagnation.

TX Group owns 30.7% of SMG.

TX Group stated that the timing of its planned IPO is dependent on market conditions. Further information will be provided in due time.

The company did not specify how many shares will be offered in the floatation, but stated that it has no intention of selling any of its stock.

TX Group said that it was confident in SMG Swiss Marketplace Group's long-term prospects, both in terms of cash flow and the development of value. It will not be selling any shares in the planned IPO.

It usually takes four weeks after such an announcement before the company's stock can be publicly traded.

Capital markets experts predict that SMG shares will attract interest. The company's valuation is estimated to be between 4 and 5 billion Swiss Francs ($4,99 to $6,24 billion), at least 20% being sold to external investors.

The company has a number of property websites in Switzerland including Immoscout24 and homegate.ch, as well Autoscout24 which is for car buyers.

(source: Reuters)