vVardis targets IPO at up to $24 per share

vVardis Holding AG has filed with the Securities and Exchange Commission to offer 9,523,810 Class A ordinary shares at an expected price range of $21.00 to $24.00 per share, with plans to list on the New York Stock Exchange under the ticker symbol NYSE: VVVV.

The underwriters may purchase up to an additional 1,428,571 Class A ordinary shares from selling shareholders within 30 days to cover over-allotments. The company stated it will not receive proceeds from shares sold by the selling shareholders.

Prior to the offering’s completion, vVardis will convert its existing share capital into two classes: Class A ordinary shares, with a par value of CHF 0.006 per share, and Class B voting rights shares, with a par value of CHF 0.0006 per share. While each share carries one vote, the lower par value of Class B shares gives them ten times the voting power of Class A shares on a per-par-value basis.

All Class B voting rights shares will be held by founders Haley Abivardi and Goly Abivardi. Following the offering, the founders will control shares representing 87.0% of total voting power, assuming no exercise of the underwriters’ over-allotment option.

Class B shares are subject to transfer restrictions and will convert to Class A shares upon certain events, including if a founder ceases to hold at least 10% of their post-offering Class B shares or no longer serves in an executive or advisory role with the company.