Swiss Marketplace Group (SMG), owner of Ricardo, AutoScout24, and Homegate, successfully completed the largest IPO in Europe in 2025. The offering was heavily oversubscribed, reflecting strong investor demand. With an initial market capitalization of CHF 4.7 billion and a free float of 20–23%, SMG consolidates its position as the dominant player in the Swiss online classifieds market. Growth prospects remain solid, driven by digitalization and sector diversification.
Transaction Details
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Issue price: CHF 46 per share
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Opening price: CHF 48.25 (+5% vs issue price)
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Market capitalization: ~CHF 4.7bn
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Placement volume: CHF 903m (19.63 million shares)
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Free float: 20–23%
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New institutional investors: Pictet AM & BlackRock (CHF 300m combined)
Post-IPO Shareholding:
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TX Group: ~30% (largest shareholder)
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La Mobilière: 19.3% (after selling 10%)
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Ringier: reduced stake by 10%
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General Atlantic: significant holding (exact stake undisclosed)
Company Profile
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Business segments: real estate (Homegate, ImmoScout24), automotive (AutoScout24), consumer goods (Ricardo).
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Market position: clear leader in Swiss online classifieds.
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FY2024 revenue: CHF 291m.
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Expected 2025 growth: +13–15%.
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Adjusted EBITDA margin: ~55% (vs 48% in 2024).
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Dividend policy: payout ratio of 65–75% of adjusted net income (≈CHF 75m expected in 2025).
Investment Positives
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Unchallenged leadership in Switzerland: high entry barriers supported by strong user engagement.
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Profitable growth: double-digit revenue growth combined with margin expansion.
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Attractive shareholder returns: competitive dividend yield for a tech-driven company.
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Institutional backing: entry of Pictet AM and BlackRock enhances credibility.
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Clear strategic focus: Swiss market still offers growth potential amid ongoing digitalization.
Key Risks
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Geographic concentration: almost exclusive exposure to Switzerland.
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Regulatory scrutiny: ongoing investigation into pricing practices in real estate listings.
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Post-IPO volatility: share price already retreated to CHF 47 after peaking at CHF 50.
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Potential competition: possible entry of international players (e.g., Idealista, Leboncoin).
Valuation & Outlook
At CHF 47, the stock trades slightly above its issue price, reflecting a premium valuation that remains consistent with SMG’s profitability (EBITDA margin >50%) and leadership position. Strong cash-flow generation, an appealing dividend policy, and growth momentum underpin the medium-term investment case.
Recommendation
View: Monitor / Gradual Entry Opportunity
For investors seeking profitable growth combined with high dividend payouts, SMG offers an attractive profile.
Given regulatory risks and geographic concentration, we recommend a staggered entry.
Next catalysts: first post-IPO earnings release and potential changes in institutional ownership.