SMG prepares billion-euro IPO
The Swiss Marketplace Group (SMG), operator of platforms such as Homegate, ImmoScout24 and Ricardo, is preparing the largest IPO in Switzerland in recent years. The joint venture between TX Group, Ringier, Mobiliar and General Atlantic is currently valued at around CHF 4.5 billion and wants to take the next growth step with the IPO.
SMG combines leading online marketplaces in the areas of real estate, cars, classifieds and auctions. Thanks to this broad positioning, the company has been able to continuously expand its market position in recent years. In the first half of 2025, revenue rose by 14.4% to CHF 161.5 million. Adjusted earnings before interest, taxes, depreciation and amortization rose by 34% to CHF 87.6 million, bringing the margin to 54.3%. This strong profitability supports the targeted valuation.
Owners and prospects
The largest shareholders are the TX Group (31%), Ringier (29.5%), Mobiliar (29.5%) and the US investor General Atlantic (10%). They are likely to be among the main beneficiaries of a successful IPO, as will SMG’s management. The IPO is intended to secure long-term growth, strategic flexibility and investments in the further development of the platforms.
Challenges in the environment
While SMG is growing with its digital marketplaces, the parent companies in the traditional media business are facing structural changes. The IPO is therefore also seen as a signal of the increasing importance of the digital focus. Although critical voices point to the company’s high market power, the IPO is also seen as an opportunity to strengthen SMG’s position in international competition.
It remains to be seen whether the IPO will be a complete success for everyone involved. What is clear, however, is that SMG is setting the course for the next development phase.