Company was spun off by Liberty Global
Shares trade nearly 6 lower after early gains reversed
Company now valued at 3.26 billion
ZURICH, Nov 15 Reuters Sunrise shares lost ground on the telecoms company39;s return to the Swiss stock exchange on Friday after some American investors decided to unload shares after its split from Liberty Global.
The stock fell 6 in afternoon trading from its 44.75 Swiss franc opening price, reducing its market capitalisation to 2.9 billion Swiss francs 3.26 billion from 3.2 billion francs when trading started.
Selling pressure is coming the U.S, said one Zurichbased trader. This is not unusual given that it is a spinoff.
Some Liberty Global investors granted shares are likely to have sold them because they do not want to hold stakes in a company which is focussed solely on the Swiss telecoms market.
Sunrise, which competes with governmentcontrolled Swisscom and privatelyheld broadband, TV and mobile provider Salt, was listed from 2015 until 2021 when it was bought by Liberty Global for 5 billion francs.
Since then, the company has grown rapidly, increasing its annual revenue to 3 billion francs in 2023, and is the second biggest player in the 8.1 billion franc Swiss telecoms market after Swisscom.
Sunrise is primed for growth and cash returns, and we expect an attractive progressive dividend policy, Sunrise CEO Andre Krause said in a statement.
The company, which will be included in the Swiss Performance Index from Nov. 22,…