Sunrise Telecom, a Swiss telecom provider, is preparing to go public with a dual listing on the Nasdaq in New York and the Six Swiss Exchange.
The IPO is being led by its parent company, Liberty Global, and has a market valuation estimated between CHF 3 billion and CHF 4.5 billion.
The IPO process will start with Sunrise shares being listed on the Nasdaq, followed by a listing in Switzerland.
Liberty Global shareholders will have subscription rights to decide whether to subscribe for shares.
The introduction of B shares, which have tenfold voting rights but are not traded on the stock exchange, has raised concerns about governance and concentration of power.
Analysts estimate that the average share price for Sunrise could be around 45 francs, with projected annual dividend payments of at least CHF 240 million.
The telecom market in Switzerland is saturated, so investors should not expect significant value increases.
Liberty Global plans to reduce Sunrise's debt by CHF 1.5 billion before the IPO.
The dual-class share structure, with B shares held by key executives, may deter some investors, particularly in the U.S.
Sunrise aims to maintain service quality and stability for its customers during the transition to a publicly traded entity.
The IPO represents a significant moment for Sunrise as it enters the public market and addresses investor concerns about governance and market dynamics in the Swiss telecom industry.