Niederer Kraft Frey AG | View firm profile
11 September 2025
SMG Swiss Marketplace Group Holding AG (“SMG”), advised by Niederer Kraft Frey as lead counsel, today announced the publication of its prospectus and the start of the book-building process, as part of its intention to conduct an IPO on SIX Swiss Exchange.
The Offering consists of 19,629,040 existing shares, with an over-allotment option of up to 2,944,353 existing shares. The price range for the offered shares has been set at CHF 43.00 to CHF 46.00 per share and will result in an offer size of between CHF 971 million and CHF 1 billion. Based on the offer price range, the implied market capitalisation of SMG is estimated between CHF 4.2 billion and CHF 4.5 billion. The free float is expected to fall between 20 percent and 23 percent.
Founded in 2021 as a joint venture between TX Group AG (“TX”), Ringier, Mobiliar and General Atlantic, SMG is the online marketplaces leader in Switzerland. The SMG group operates well-known brands under three primary business segments: real estate (Homegate, ImmoScout24, Flatfox), automotive (AutoScout24) and general marketplaces (Ricardo, tutti.ch, anibis.ch), complemented by additional price comparison offerings in finance and insurance (FinanceScout24).
The NKF team was led by Corporate/Capital Markets partners Philippe Weber, Deirdre Ní Annracháin and Andrea Giger, working with associates Manuel Hirlinger and Pascal Hodel, junior associates Nina Lötscher, Philip Theiler, Matthias Zinniker and Robin Brändli (all Corporate/Capital Markets) and further comprised partners Thomas Brönnimann (Corporate/Capital Markets), Markus Kronauer (Tax), Philip Spoerlé (Banking & Finance), Nicolas Birkhäuser (Competition) and Simon Bühler (Regulatory). Clifford Chance, led by Frankfurt-based partner George Hacket, advised SMG on international law matters.