Ebb & Flow Focus

When Speedel Group called off its IPO in May, it said it did not agree with the buyside's valuations and would rather tap existing investors again than accept a haircut. It then raised CHF70 million ($55.6 million) in a private placement of convertible notes in August, bringing the company's cash to about CHF122 million ($96 million). To the surprise of the markets, last week Speedel said it will list its shares on the Swiss Stock Exchange starting Sept. 8, without raising fresh capital.

"We will list all 6.8 million shares held by all current shareholders, so the free float of Speedel will effectively be 100%," CFO Konrad Wirz told BioCentury. "However, the six shareholders holding more than 5% are not exiting, so there is no danger of dumping, although some of the six may sell a small amount in order to increase the company's float." ...