EFG International's stake in EFG Financial Products has been reduced to just over 20% as a result of the over-allotment option being exercised in full, following its initial public offering (IPO) on the SIX Swiss Exchange.
As part of the IPO of EFG Financial Products Holding AG which commenced trading on the SIX Swiss Exchange on 19 October, EFG International granted the underwriters an over-allotment option of up to 293,713 registered shares.
Credit Suisse, the global co-ordinator and bookrunner of the transaction, announced today that the over-allotment option has now been fully exercised.
Taken together with the 1,270,472 registered shares sold in the base offering, EFG International has reduced its stake in EFG Financial Products from 58.3% before the IPO, to 20.3%.
EFG International said in September that it would reduce its stake in EFG Financial Products to not less than 20%, in a move to "support the strengthening" of its core tier 1 capital as it shifted its focus towards the private banking arena.
EFG Financial Products also said in a statement that as at mid-2012, the firm remained the second largest issuer of exchange-listed structured investment products in Switzerland with a market share of 21%.