As already announced, today $HOLN (+1.9%) its spin-off $AMRZ to the SIX Swiss Exchange and later in the day to the NYSE.
Holcim closed last week at CHF 93.68 on Friday evening. This morning Amrize was listed at a reference price of CHF 46.08 and the "new" Holcim opened at a reference price of CHF 47.60.
Amrize closed on the SIX at CHF 39.31, significantly lower than the reference price of CHF 46.08.
Holcim, on the other hand, closed at CHF 54.26, well above the reference price of CHF 47.60.
This meant that both shares together cost CHF 93.57 per share, roughly the same as the value of the "old" Holcim on Friday evening at CHF 93.68.
This means that the "new" Holcim accounts for around 58 percent of the Group's value on the SIX and Amrize for only 42 percent.
Analysts had expected the company value to be split roughly equally. The same applies to the Swiss stock exchange, which had quoted comparably high reference prices.
For the management, too, the calculation of one and one is more than two - as hoped for in spin-offs - did not work out for the time being: Amrize and Holcim together weighed in at CHF 93.57 at the close of trading in Switzerland. This is slightly less than the price of CHF 93.68 last paid for the "old" Holcim last Friday.
Personally, I will follow developments over the next few days, but I can well imagine that I will buy a few more Amrize shares in addition to the ones I have in my portfolio.
Analysts see growth potential in both stocks.
