swissfirst AG Opens 10.53 % Above Public Offering Price

The shares of swissfirst AG - a company that specialises in brokerage of Swiss shares and derivatives, compiling financial analyses for institutional clients and providing discretionary asset management services - traded for the first time today on the SWX Swiss Exchange. The issuance price was set at CHF 665.00 via a fixed pricing. The opening price of the shares stood 10.53 % above that level in SWX trading at CHF 735.00, representing a total market capitalisation of CHF 374.85 Mio. According to the offering prospectus, a total of 120,000 shares were to be placed in public hands, a number representing 23.5% of the total 510,000 swissfirst AG registered shares appearing in the Commercial Register. 60,000 of the shares on offer are part of a capital increase associated with the IPO, with the remaining 60,000 being sold by existing shareholders. swissfirst AG provides advice-intensive option and stock brokerage services and currently handles block trading for 25, primarily Swiss-based, institutional customers. In the first half of 1999, this financial services company registered a consolidated after-tax profit of CHF 13.1 million. Pre-tax net earnings stood at 16.7 million. With the proceeds of the offering (estimated to be CHF 38 million), swissfirst AG intends to finance its establishment of private banking and Internet-based brokerage services.