Dufry floats

Swiss duty free retailer Dufry, owned by Advent International, has floated on the Swiss Stock Exchange with an opening share price of CHF80 (€51), giving it a market valuation of CHF1.125bn (€730m.)

Advent sold two million of its shares in the company in the IPO, a partial exit from the business it bought in March 2004 through its Global Private Equity IV fund in a €161m deal. Under Advent International’s watch, the company increased its revenue from CHF660m in 2003 to CHF850m recorded last year. The business employs 4,200 people, an increase of 1,000 since it was acquired, and now operates in 30 countries.