vVardis targets IPO at up to $24 per share

vVardis Holding AG has filed paperwork with the Securities and Exchange Commission to offer shares to the public, with the aim of listing on the New York Stock Exchange under the ticker symbol NYSE: VVVV. The underwriters have the option to buy up to an additional 1,428,571 shares from existing shareholders within 30 days to accommodate any over-allotments. However, the company has stated that they will not receive any proceeds from these secondary sales.

Before the offering becomes official, vVardis will restructure its share capital into two classes: Class A ordinary shares, each with a nominal value of CHF 0.006, and Class B shares with voting rights, valued at CHF 0.0006 per share. Despite each share granting one vote, Class B shares possess ten times the voting power of Class A shares when considering their lower nominal value. Founders Haley Abivardi and Goly Abivardi will be the sole holders of all Class B voting rights shares following the offering.

After the transaction, the founders will retain a commanding 87.0% of the total voting power, provided that they do not exercise the underwriters' right to purchase extra shares. Class B shares come with transfer restrictions and may be converted back to Class A shares under certain circumstances. These include if a founder reduces their post-offering Class B shareholding to less than 10% or if they no longer hold an executive or advisory position within the company.