The discussion highlighted that Switzerland continues to offer a supportive environment for companies seeking access to the public markets via IPO. Recent transactions, including Infracore, SMG, Bioversys and Galderma, demonstrate the attractiveness of the Swiss capital market for businesses pursuing growth, visibility and access to capital.
While an IPO remains the benchmark for many issuers, reverse mergers have become part of the broader toolkit available to companies considering a public listing. In a reverse merger, a private entity effectively “acquires” an entity whose shares are already listed. The private entity’s shareholders exchange their shares for new shares in the acquired corporation. As an example, SIX has seen the successful reverse merger of Centiel into HT5 this year.
The panel agreed, however, that reverse mergers should not be viewed as a shortcut to becoming a successful public company. Regardless of the chosen route, companies must be capital markets ready and prepared to meet the expectations of investors and other stakeholders.
Another key takeaway was that transaction structures can vary significantly and should always be evaluated in the context of a company's strategic objectives. Factors such as capital raising needs, trading liquidity and shareholder goals play an important role when determining the most suitable path to the public markets.