Healthcare property shares are proving almost impossible to sell

Just under half of the over-allotment option was exercised following the healthcare property specialist’s stock market debut. Whilst this increases the free float to 28.8 per cent and the placement volume to 238.3 million Swiss francs, it does little to alter the dominant position of the anchor shareholders.

204,000 existing shares from MPT’s portfolio were acquired at the offer price of 54 Swiss francs. The partial exercise of the over-allotment option corresponds to around 48 per cent of the total greenshoe volume and increases the freely tradable portion of the shares to around 28.8 per cent.

This brings the total placement volume of the IPO to just over 4.41 million shares, worth 238.3 million Swiss francs. At the IPO on 9 July 2026, 3,703,703 new shares and 505,500 existing shares had already been placed. A further 420,920 shares could have been placed under the over-allotment option.

Control remains firmly concentrated
For the capital market, one thing is particularly clear. The newly listed company gains slightly more liquidity in trading but remains firmly in the hands of its major shareholders. Following the partial exercise of the option, MPT continues to hold 48.5 per cent of the shares, whilst Aevis Victoria holds 22.6 per cent.

The IPO documents had already shown how narrow the window for a broader free float was. Based on the base offering, the free float initially stood at 27.5 per cent. Even with full exercise of the over-allotment option, it would have risen to only around 30.3 per cent.

More capital market exposure, but no change in control
The IPO raised around CHF 200 million gross for the company from new shares. According to the prospectus, this money is to be channelled primarily into the sale-and-leaseback pipeline, into development projects and into the repayment of shareholder loans totalling around CHF 55.2 million. However, this does little to change the ownership structure, as the additional shares placed originate from the main shareholder’s holding.

Added to this is the 180-day lock-up period from the first day of trading. It runs until 5 January 2027 and applies to the company and its two main shareholders. For the market, this means there is little risk, for the time being, of a rapid further reduction in large shareholdings. Since the company’s stock market debut, the share price has fluctuated within a range of 52.00 to 54.49 Swiss francs.