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ZURICH (Reuters) -Shares in aircraft components maker Montana Aerospace soared nearly 18% on its debut on the Swiss bourse on Wednesday, giving it a higher-than-expected market capitalisation of about 1.4 billion Swiss francs ($1.5 billion).
The Austrian-Swiss company, whose customers include Boeing and Airbus, saw its shares rise to 30.60 Swiss francs ($33.16) in early trading, well above a list price of 25.65 Swiss francs.
The increase added roughly 200 million francs to the company’s estimated pre-float value of 1.2 billion francs.
The initial public offering raised approximately 440 million francs which Montana said it would use to fund acquisitions and organic growth in the aero industry that has been hard hit by the coronavirus. It issued 17.1 million new shares.
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