SMG Said to Eye $1.2 Billion Zurich IPO as Soon as Next Month

(Bloomberg) — SMG Swiss Marketplace Group AG, the operator of property portal ImmoScout24, is considering an initial public offering in Zurich that could raise about 1 billion Swiss francs ($1.2 billion) as soon as next month, according to people familiar with the matter.

The company, which counts General Atlantic among its backers, is sounding out investors in preparation for the potential listing, which could value it at about 4.5 billion francs, said the people, who asked not to be named because the matter is private.

SMG’s IPO would be Zurich’s first substantial new offering since Galderma Group AG’s 2.3 billion Swiss franc listing in March last year. It’s pressing on with the plans even as Switzerland is locked in a trade dispute with the US that saw the Trump administration impose a 39% tariff on Swiss imports.

Goldman Sachs Group Inc., JPMorgan Chase & Co. and UBS Group AG are leading the offering, while Evercore Inc. is financial adviser, Bloomberg previously reported.

The firm has also added Barclays Plc, BNP Paribas SA, Morgan Stanley and Zuercher Kantonalbank to assist with the IPO, the people said.

No final decisions have been made, and the timing and structure of the deal are subject to change, the people cautioned.

General Atlantic, Barclays, BNP Paribas, Morgan Stanley and Zuercher Kantonalbank declined to comment. MergerMarket reported the timing and the additional banks earlier.

“SMG has recently taken initial steps to achieve a high level of IPO readiness,” a spokesperson for the company said by email. “Banks have been mandated and a dialog with selected institutional investors has been initiated to gather their views on a possible IPO.”

The spokesperson added that “SMG’s shareholders have not yet made a decision on the possible timing of an IPO.”

The Zurich-based company operates online marketplaces for real estate, automotive, finance and insurance. It also takes advertising on those platforms such as AutoScout24, tutti.ch and FinanceScout24. SMG people in Switzerland, Serbia, Vietnam, France, Germany and India, according to its website.

The group was formed in 2021 when TX Group AG, Ringier AG, Mobiliar and General Atlantic launched a joint venture that combined multiple online platforms.

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