SIX Exchange CEO: Very strong IPO pipeline in Switzerland and Spain
Published: Monday, Nov 18th 2024, 13:20
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The head of the SIX stock exchange expects more IPOs in 2025. "The pipeline in both Switzerland and Spain is very strong," said Bjørn Sibbern, Global Head Exchanges, in an interview with the news agency AWP.
And not only companies based in Switzerland are interested in an IPO (Initial Public Offering) in Switzerland, according to Sibbern, who has been responsible for the SIX Swiss Exchange, the Spanish stock exchange BME and the digital exchange SDX at SIX since the beginning of 2024. The Dane came from Nasdaq, where he was President of European Markets.
"We are currently in talks with three to five companies from abroad that are considering a listing in Switzerland," says Sibbern. Galderma's success story and its strong access to capital in Switzerland have aroused the interest of companies not only from Europe, but also from the Middle East and Asia.
Recovery in trading volumes expected
In Switzerland, SIX had the largest IPO since 2017 with Galderma in March 2024. The former Nestlé division was valued at around CHF 14.5 billion at the IPO, and since then the shares of the skincare specialist have gained around 40 percent.
And just last week, Sunrise made its comeback on the Swiss stock exchange: the telecommunications group was spun off from its parent company Liberty Global. This was therefore not a classic IPO with a capital raising.
More IPOs are also likely to trigger more trading in 2025, Sibbern continued. Overall, he expects trading volumes to recover in the coming year. Also because he expects volatility: "Because there are still many uncertainties with the war in Ukraine and the tensions in the Middle East."
The Swiss stock market had actually expected an upturn after the summer. However, contrary to expectations, the impact of the presidential election was minimal. "Volumes were stable overall, and although volatility increased slightly shortly before the election, it came back again afterwards."
Spain as a role model for SMEs
In terms of trading volumes, he expects SIX to be at around the same level in 2024 as in the previous year, which was already weak, said Sibbern, referring to the year that will soon be coming to an end. He therefore assumes that the turnover of the SIX stock exchange business in 2024 will be roughly on a par with the previous year.
The stock exchange boss also wants to learn from the Spanish stock exchange BME, which was acquired in 2020, as he said. SIX could follow the Spanish example and also switch to an alternative trading platform in this country. "We are looking at that," said Sibbern. "The IPO market works well in Switzerland as far as large companies are concerned. We have not yet found the right business model for SMEs to tap into this area."
Only one company is currently listed in the SME segment "Sparks", which was launched three years ago, while 133 companies are listed on the "BME Growth" in Spain. "We want to copy that," says Sibbern.
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