Banks managing the initial public offering of DKSH Holding Ltd., Switzerland’s largest privately owned company, received orders for all the offered shares, said two people with knowledge of the transaction.
Shareholders of DKSH, which has helped companies such as Nestle SA (NESN) grow in Asia, are seeking to raise as much as 903 million Swiss francs ($982 million) in what may be among western Europe’s biggest IPOs this year. Books taking orders for the sale, which opened yesterday, are scheduled to close on March 20, said the people, who declined to e identified because the process is private.
DKSH’s share sale launched during the same week as the IPO of Ziggo NV, the Dutch cable company controlled by Warburg Pincus LLC and Cinven Ltd., which is seeking as much as 745 million euros ($977 million). Banks arranging Ziggo’s offering also received enough orders for the entire stock on the first day, according to a sales document obtained by Bloomberg.
European companies are tapping the IPO markets again after a near drought since July, as the region’s debt crisis spurred market volatility and investors shunned new stock sales. Siemens AG (SIE)’s lighting unit Osram AG and Spain’s national lottery operator Sociedad Estatal Loterias & Apuestas SA del Estado SA were among the companies that postponed IPO plans in the second half of 2011.
DKSH has assisted companies including Levi Strauss & Co. and French drugmaker Sanofi in expanding in Asia by selling marketing, distribution and after-sales services. As many as 18.8 million shares are being offered at between 42 francs and 48 francs each.
Profit from continuing operations rose 26 percent to 152 million francs last year as revenue gained 0.6 percent to 7.3 billion francs. DKSH runs 180 distribution centers and operates a fleet of 2,375 trucks. The company bought Swiss watchmaker Maurice Lacroix last year to tap Asian luxury demand.
UBS AG (UBSN) and Deutsche Bank AG (DBK) are joint global coordinators of the IPO, and Berenberg Bank Schweiz AG and Credit Suisse Group AG (CSGN) are joint bookrunners.
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