Venture-backed Swiss company SAF has floated on the Frankfurt Stock Exchange at an issue price of €17.60, giving it a market cap of €90m. A software company based in Tägerwilen, SAF saw its IPO oversubscribed by 8.6x, generating proceeds of €20.5m. All of its VC investors sold part of their stakes: Ventizz Capital Fund II cut its 15% interest to 8%; Techinvest reduced its stake from 12% to 6%; and Wellington Partners (through its PAARL Ventures fund) moves from 8% to 4%. Majority owners and founders Dr Andreas von Beringe and Prof Gerhard Arminger held a 29% stake each prior to float, which has now been reduced to 18% a piece.

All of the firms invested in SAF in July 1999 when the company was valued at €10m, and the company hopes to use the proceeds raised from the float to help it push into the US market, as well as consolidating its business in Europe.

The SAF road show started in March and the management team used the decoupled bookbuilding approach where the price range is fixed a few days after the beginning of the road show, not right at the start as with the traditional method, which allows investor sentiment to be taken into account.