gategroup sets price range for its proposed IPO at CHF 16 to CHF 21 per share

ZURICH Glattbrugg, 14 March 2018

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  • Price range set at CHF 16 to CHF 21 per share
  • Targeted free float of no less than 63% and up to 65% of all shares (assuming full exercise of the Over-Allotment Option) through a combination of sale of majority of existing shares by HNA (secondary offering) and increase in share capital (primary offering)
  • Expected secondary proceeds of CHF 989 million to CHF 1,287 million (including Over-Allotment Option)
  • Expected primary proceeds of approximately CHF 350 million
  • Implied market capitalization of between approximately CHF 2.1 billion to CHF 2.6 billion including primary proceeds
  • Start of trading on SIX Swiss Exchange envisaged for 27 March 2018


gategroup Holding AG (the “Company”), the world’s largest provider of airline catering services in terms of revenues, today announces the launch of its initial public offering (“IPO”) and proposed listing on the SIX Swiss Exchange with the publication of the offering memorandum. The price range for the offered registered shares, with a nominal value of CHF 1.25 each, has been set at CHF 16.0 to CHF 21.0, which implies a total market capitalization of approximately CHF 2.1 billion to CHF 2.6 billion for the Company including the expected primary gross proceeds of approximately CHF 350 million.

The IPO comprises (i) a secondary offering of 54,220,000 registered shares of the Company currently held by HNA Aviation (Hong Kong) Airline Catering Holding Co. Ltd (“HNA”), an HNA entity (the “Secondary Offering”), (ii) a primary offering of up to 21,875,000 newly issued registered shares of the Company (the “Primary Offeringand, together with the Secondary Offering, the “Base Offering”), and (iii) an over-allotment option (the Over-Allotment Option) as set out below. The expected gross proceeds from the Primary Offering of approximately CHF 350 million are expected to be used for the acquisition of the remaining shares of Servair from Air France-KLM, the partial funding of pension plans and other general corporate purposes.

HNA has granted the syndicate banks an Over-Allotment Option of up to 7,609,500 existing shares that can be exercised within 30 calendar days after the first day of trading of the Company's shares on SIX Swiss Exchange. The size of the Over-Allotment Option corresponds to up to 10% of the Base Offering.

Overall, the envisaged IPO aims at a free float of no less than 63% and up to 65% of all shares (assuming the full exercise of the Over-Allotment Option). As a strategic investor and anchor shareholder, HNA will continue to support gategroup with relevant industrial and market expertise and has entered into a lock-up undertaking ending on 7 January 2019 (subject to customary exceptions). The Company has committed to a lock-up period of 6 months and the members of the Executive Management Board have committed to a lock-up period of 12 months from the first day of trading (subject to customary exceptions).

The IPO will consist of a public offering to investors in Switzerland and private placements in certain jurisdictions outside of Switzerland.

The bookbuilding process starts on 15 March 2018 and is expected to end on 26 March 2018. The announcement of the final offer price and the final number of offered shares is expected to be published on or around 26 March 2018. The listing and commencement of trading in the Company's shares on SIX Swiss Exchange is expected to take place on 27 March 2018.

Important information for media


SIX Swiss Exchange (International Reporting Standard)

Ticker symbol


Swiss security number




Price range

CHF 16 to CHF 21 per offered share

Offered Shares

Base Offering of up to 21,875,000 new registered shares and 54,220,000 existing registered shares, with a nominal value of CHF 1.25 each

Over-Allotment Option of up to 7,609,500 existing shares (up to 10 % of Base Offering) offered by HNA


Tentative schedule

Bookbuilding period

From 15 March 2018 to 26 March 2018 at

-     12:00 noon CEST for private banking and retail orders; and

-     3:00 p.m. CEST for institutional orders,

in each case subject to extension or shortening of the bookbuilding period

Publication of final offer price and final number of offered shares

envisaged for 27 March 2018

First Day of Trading

envisaged for 27 March 2018

Payment and Settlement

29 March 2018

Last day for exercising the Over-Allotment Option

26 April 2018

Media inquiries

Nancy Jewell
+41 44 533 7081

About gategroup
gategroup is the global leader in airline catering, retail-on-board and hospitality products and services. We provide passengers with superior culinary and retail experiences, leveraging our innovation and advanced technology solutions. Headquartered in Zurich, Switzerland, we deliver operational excellence through the most extensive catering network in the aviation industry, serving more than 700 million passengers annually from over 200 operating units in 60 countries/territories across all continents. In 2017, gategroup reached CHF 4.6 billion in revenues with approximately 43,000 employees worldwide. For further information, please visit



This publication is not an offer to sell or a solicitation of any offer to buy any securities issued by gategroup Holding AG (the “Company”) in any jurisdiction where such offer or sale would be unlawful.

This publication is not an offer to sell or a solicitation of offers to purchase or subscribe for securities. This publication is not a prospectus within the meaning of article 652a of the Swiss Code of Obligations, nor is it a listing prospectus as defined in the listing rules of the SIX Swiss Exchange AG or a prospectus under any other applicable laws. A decision to invest in securities of the Company should be based exclusively on the issue and listing prospectus published by the Company for such purpose. Investors are furthermore advised to consult their bank or financial adviser before making any investment decision. This document does not constitute an “offer of securities to the public” within the meaning of Directive 2003/71/EC of the European Union, as amended (the “Prospectus Directive”) of the securities referred to herein in any member state of the European Economic Area (the “EEA”). Any offers of the securities referred to in this document to persons in the EEA will be made pursuant to an exemption under the Prospectus Directive, as implemented in member states of the EEA, from the requirement to produce a prospectus for offers of the securities. In any EEA Member State that has implemented the Prospectus Directive, this document is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State. A decision to invest in securities of the Company should be based exclusively on the issue and listing prospectus published by the Company for such purpose. Copies of such issue and listing prospectus (and any supplements thereto) are available free of charge from Credit Suisse AG, Zurich, Switzerland (email: and UBS AG, Prospectus Library, P.O. Box, 8098 Zurich, Switzerland (telephone number: +41 44 239 4703; fax number: +41 44 239 6914; email:

This publication and the information contained herein are not for distribution in or into the United States of America (the “United States”). This publication does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

In the United Kingdom, this publication and any other materials in relation to the securities described herein is only being distributed to, and is only directed at, and any investment or investment activity to which this document relates is available only to, and will be engaged in only with, “qualified investors” (as defined in section 86(7) of the Financial Services and Markets Act 2000) and who are (i) persons having professional experience in matters relating to investments who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”); or (ii) high net worth entities falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). Persons who are not relevant persons should not take any action on the basis of this document and should not act or rely on it.

Forward-Looking Statements
This publication contains forward-looking statements and other statements that are not historical facts. The words “believe”, “anticipate”, “plan”, “expect”, “project”, “estimate”, “predict”, “intend”, “target”, “assume”, “may”, “will” “could” and similar expression are intended to identify such forward-looking statements. Such statements are made on the basis of assumptions and expectations that we believe to be reasonable as of the date of this publication but may prove to be erroneous and are subject to a variety of significant uncertainties that could cause actual results to differ materially from those expressed in forward-looking statements. Among these factors are changes in overall economic conditions, changes in demand for our products, changes in the demand for, or price of, oil, risk of terrorism, war, geopolitical or other exogenous shocks to the airline sector, risks of increased competition, manufacturing and product development risks, loss of key customers, changes in government regulations, foreign and domestic political and legislative risks, risks associated with foreign operations and foreign currency exchange rates and controls, strikes, embargoes, weather-related risks and other risks and uncertainties. We therefore caution investors and prospective investors against relying on any of these forward-looking statements. We assume no obligation to update forward-looking statements or to update the reasons for which actual results could differ materially from those anticipated in such forward-looking statements, except as required by law.

Note: In the event of any discrepancy or inconsistency between any translated versions of this publication, the English version shall prevail.