Allen & Overy has advised the syndicate of banks led by Credit Suisse (as global co-ordinator) on the successful initial public offering (IPO) by Cembra Money Bank, formerly known as GE Money Bank AG, on the SIX Swiss Exchange.
The offering was heavily oversubscribed due to strong demand from private and institutional investors in Switzerland and institutional investors from outside Switzerland.
The deal is the sixth-largest IPO in the EMEA region this year and the second-largest IPO by a bank since the beginning of the financial crisis in 2008.
The flotation saw 18 million registered shares held by GE Capital Swiss Funding, representing 60 per cent of the company’s shares, placed at a nominal value of CHF1.00 per share. The syndicate was also granted a greenshoe option for up to 2.5 million registered shares of Cembra Money Bank with a nominal value of CHF1.00. The total placement volume following exercise of the greenshoe option would be around CHF1,046m.
The Allen & Overy team was led by partner Gernot Wagner and comprised senior associates Dr Susanne Lenz (both US corporate finance), Dr Camilla Kehler-Weiß (capital markets), associates Rebecca Emory and Yannick Adler (both US corporate finance, Frankfurt), partner Christopher Harrison and associate Daniella Abel (both UK tax, London), partners Jack Heinberg, Dave Lewis and associate Caroline Lapidus (all US tax, New York) and partner Tony Sparks and senior associate Anand Sundaraj (both equity capital markets, Sydney).