Story
Infracore Shares Decline Below Offer Price in Swiss Market Debut
Summary
The Swiss hospital real estate company opened at its 54 Swiss franc offer price before falling 1.5% in early trading on the Swiss stock exchange.
Infracore, a Swiss hospital real estate company, saw its shares fall below their initial public offering price during its market debut on the Swiss stock exchange Thursday. The stock opened at its 54 Swiss franc offer price before declining in early trading, according to a report from Investing.com.
Trading Performance
The opening price valued the company at approximately $1 billion. However, the shares subsequently fell to 53.6 francs by 08:30 GMT, representing a decline of about 1.5% from the IPO price.
Company and Offering Details
Infracore owns a portfolio of nearly 50 healthcare properties across Switzerland, with a combined value of around 1.4 billion Swiss francs. The company's primary tenant is Swiss Medical Network, the country's second-largest private hospital operator.
AdThe public listing was comprised of both newly issued shares from the company and existing shares sold by a major shareholder, Medical Properties Trust.
Use of Proceeds
Infracore stated it would receive gross proceeds of approximately 200 million Swiss francs from the offering. The company intends to use the capital primarily to expand its property portfolio and to repay shareholder loans.