Stadler reports new win
Bussnang TG – Stadler Rail, a manufacturer of railway rolling stock, has been awarded a new contract in Finland for 60 locomotives. It also just successfully completed its initial public offering through the full exercise of the over-allotment option.
Stadler Rail will supply a total of 60 new diesel-electric locomotives to Finland’s VR Group by the end of 2025, it was reported in a press release of the company from the St.GallenBodenseeArea. The contract’s value is approximately €200 million and includes an option for up to 100 additional locomotives as well as the possibility to buy maintenance from Stadler.
The initial public offering (IPO) of Stadler was also just completed successfully. Stadler granted the banks participating in IPO an over-allotment option for 5,250,000 existing shares at the offer price of 38 Swiss francs per share. This option was fully exercised by the bank syndicate. The banks included Credit Suisse and UBS acting as Joint Global Coordinators and Joint Bookrunners, plus Zürcher Kantonalbank (ZKB) as Joint Bookrunner as well as St.Galler Kantonalbank (SGKB) and Thurgauer Kantonalbank as the Selling Agents for the IPO.
A total of 40,250,000 existing shares were sold in the IPO, corresponding to 40.25 percent of the share capital. The total placement volume therefore amounted to 1.53 billion francs. President of the Board of Directors Peter Spuhler directly and indirectly holds 39.70 percent of the share capital via PCS Holding AG. Spuhler and PCS Holding have agreed to a lock-up period of 12 months from the first day of trading “in respect of 100 percent of the shares they will, directly or indirectly, hold after the offering”. They also made a commitment that their combined shareholdings in Stadler will not fall below 30 percent for an additional 24 months.