Key takeaways
- SMG priced its IPO at CHF 46, the top of the CHF 43 to 46 range, implying a market value of about CHF 4.5 billion.
- The offer consisted only of existing shares, about 19.6 million worth around CHF 903 million before the over-allotment option. It was a liquidity event for the owners, not a capital raise.
- SIX ranked it among Europe's largest IPOs since 2024. The opening price implied a market value of about CHF 4.7 billion.
The transaction
SellersFounding shareholdersResult SMG on SIX
| Listed | 19 September 2025, SIX Swiss Exchange |
|---|---|
| Offer price | CHF 46, range CHF 43 to 46 |
| Shares offered | 19,629,040 existing shares |
| Over-allotment | Up to 2,944,353 existing shares |
| Placement | c. CHF 903 million before over-allotment |
| Market value | c. CHF 4.5bn at offer; c. CHF 4.74bn at opening |
| Owners | TX Group, Ringier, Mobiliar, General Atlantic; joint venture since 2021 |
| Platforms | Homegate, ImmoScout24, AutoScout24, Ricardo, tutti.ch, FinanceScout24 |
Timeline
- 2021TX Group, Ringier, Mobiliar and General Atlantic form SMG
- Sep 2025Price range CHF 43 to 46 set
- 19 Sep 2025Priced at CHF 46; trading opens on SIX
The rationale
Online classifieds are a scale business: the platform with the most listings attracts the most buyers. Combining the owners' real estate, vehicle and general marketplaces in 2021 created the clear market leader in Switzerland.
For the owners, a listing creates a market price and liquidity for stakes that had been locked in a private joint venture, including that of a growth investor, General Atlantic.
Because no new shares were issued, the company's balance sheet was unchanged by the offer.
The assessment
Demand
Pricing at the top of the range and opening above it show that demand exceeded the supply of shares. The opening value was about 5% above the offer value.
Overhang
With only a minority sold, the founding shareholders' remaining stakes are future supply. Lock-up periods and sell-down plans will shape the share price.
Risks
Dependence on the real estate and vehicle markets, competition from international portals and AI-driven search, and governance with several large shareholders.
What to watch
Listing volumes and pricing power, the owners' sell-downs after lock-up, and dividend policy.
Source: SIX via BME, 19 September 2025; Walder Wyss.
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