Investor Insights into the SMG Public Offering
Swiss Marketplace Group (SMG) Launches Successful IPO on SIX
The Swiss Marketplace Group (SMG) has made a significant move in the business world, launching an Initial Public Offering (IPO) on the Swiss stock exchange SIX. The company, which controls around 80 percent of the real estate, 90 percent of the automotive, and almost the entire general classifieds market in Switzerland, aims to raise up to 900 million Swiss francs.
The IPO by SMG is the largest on the SIX since Galderma's IPO in March 2024, and it has been met with enthusiasm from investors. David Windisch, fund manager at Rothschild & Co Bank in Zurich, sees the IPO as an 'interesting opportunity' due to SMG's high market shares and good margins.
The shares of SMG started trading on September 19, 2025, following the successful IPO. Notable asset managers such as Pictet and Blackrock have committed to buying SMG shares worth 150 million Swiss francs each. Stephan Sola of Sola Capital points out that only the shareholders Mobiliar and Ringier are offering a portion of their shares in the SMG IPO, resulting in a free float of between 20 and 23 percent.
SMG's strong performance in the market is evident in the stock performance of its European competitors with a similar business model. Scout24 gained 31 percent in 2025, Rightmove 14 percent, and the Baltic Classifieds Group 3 percent. However, the Swedish Hemnet fell by 25 percent, making it the only exception.
In the first half of 2025, SMG's EBITDA margin increased to 54.3%, and the company generated sales of 291 million Swiss francs, with an adjusted operating margin (EBITDA) of 48%. Christoph Tonini, CEO of SMG, has previously stated that he has not seen any impact of AI on the visitor numbers of SMG's portals.
The future dividend policy of SMG is not yet entirely clear, with a planned dividend payment of around 75 million francs for the business year, corresponding to a yield of 1.7 percent. The initial market capitalization of SMG could be up to 4.5 billion Swiss francs.
However, the big unknown for online marketplaces is the future impact of AI on the business model of operators, as mentioned by Windisch. He sees opportunities for SMG in catching up on fees compared to international competitors, expanding transactional monetization, and efficiency potential supported by artificial intelligence.
Daniel Hügli expresses interest in participating as an investor in the SMG IPO, but notes that he would not chase every price level depending on the stock's performance. The last IPO on the SIX was Sunrise's in November of last year. With SMG's successful IPO, the Swiss stock market continues to attract significant investment.
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