Stadler Rail AG launches IPO

Niederer Kraft Frey advised Stadler Rail AG in connection with its initial public offering that was launched today. The offering consists of up to 35,000,000 shares with an over-allotment option of up to 5,250,000 shares, all of which are offered (directly and indirectly) by Peter Spuhler. The price range for the offered shares has been set at CHF 33 to CHF 41 per share, implying an offer size of approximately CHF 1,155 million to CHF 1,435 million for the base offering and a total market capitalisation of approximately CHF 3.3 billion to CHF 4.1 billion.

Stadler is a leading global pure-play producer of rolling stock and related systems. Founded in Switzerland in 1942, it has a long history of design and manufacturing excellence, offering its customers Swiss quality, precision engineering and best-in-class project management capabilities. Stadler’s origins as a local business focused on producing tailor-made trains and locomotives in small batch sizes have built the basis for its expansion into a multinational yet independent organisation that prides itself on its ability to customise its rolling stock product offerings to meet the most varied and challenging customer specifications, while maintaining the ability to tailor-make trains on an individual or modular basis. Over the course of its history, it has produced over 8,000 trains and locomotives that currently operate in 41 countries.

The NKF team was led by partners Philippe Weber and Till Spillmann, working with counsel Christina Del Vecchio, senior associates Deirdre Ní Annracháin and Andrea Giger, and junior associates Isilay Dagdelen and Alexander Fisch (all Capital Markets).