Swiss Tech IPOs: Industry Leaders Chart Path to Capital Markets at SIX-Swisscom Ventures Forum

On January 29, 2025, SIX Swiss Exchange and Swisscom Ventures convened Switzerland’s tech community for a frank discussion about IPOs. With BioVersys reflecting on its 2024 listing, CUTISS, Ecorobotix, and SWISSto12 showcasing IPO readiness, and Proton‘s Andy Yen advocating for Swiss listings, the event revealed both progress and persistent gaps in building a thriving Swiss tech IPO market.

Challenging the US Bias: New Research from SIX and Homburger

SIX and Homburger released an updated “US Bias” paper challenging assumptions about US listing advantages. The research debunks two myths.

First, analyst coverage: while US exchanges provide more coverage for large-cap domestic companies, mid and small-cap foreign private issuers face visibility challenges, too small for sustained US attention yet distant from European analysts’ focus. SIX counters this with the Stage Program (active nearly 10 years) and the SIX Research Hub for companies up to CHF 1 billion valuation.

Second, valuations: US domestic issuers capture higher multiples, but foreign private issuers typically do not. Many foreign companies listing in the US now trade below their IPO prices. When adjusted for tech giants, price-to-earnings ratios across Swiss, European, and US indices show broad parity.

Lorenzo Togni and Fabio Gasser from Homburger highlighted Swiss advantages: pre-deal investor education, early analyst engagement, and cornerstone commitments before prospectus publication, unavailable under US securities registration. The SIX Prospectus Office review focuses on completeness and clarity without timeline delays. One example: a company announced fundraising intent at 17:45 and confirmed CHF 300 million raised by 7:30 the next morning.

BioVersys: One Year After Switzerland’s Largest Biotech IPO

Marc Gitzinger, CEO of BioVersys, returned to SIX one year after the company’s CHF 80 million IPO on February 7, 2024, the largest biotech IPO in Europe in five years and Switzerland’s first in seven years. The ETH Zurich spinout, founded from Gitzinger’s PhD thesis in 2008, develops antibiotics combating drug-resistant hospital infections.

After a 2011 seed round, BioVersys built a pipeline addressing severe pneumonia and tuberculosis, secured GSK and Shionogi partnerships, advanced to Phase 3, and raised CHF 170 million including European Investment Bank and Wellcome Trust support.

Gitzinger chose Switzerland deliberately. European stakeholders show greater antibiotic resistance awareness. Among 350-400 NASDAQ biotechs, BioVersys would struggle for attention; on SIX, six analyst firms cover it.

The challenge: liquidity. Despite delivering 2024 milestones, clinical progress, Phase 3 regulatory approval, new partnerships, trading volume remains limited, creating hesitation among institutional investors.

“We had a phenomenal year and delivered everything we promised. But liquidity remains low. At the same time, we raised capital needed and we’re executing Phase 3. Would I do it again? Yes, very clearly.”

Marc Gitzinger, CEO and Co-Founder, BioVersys

Gitzinger identified gaps: Swiss funds maintain CHF 500-800 million market cap minimums, excluding companies at BioVersys’s scale. He called for 2-5% pension fund allocation, noting per SIX data that over 35% of best-performing Swiss stocks in five years were pre-revenue biotech or medtech. With ETH producing 30 spinouts annually, Switzerland should capture value domestically.

Scale-Ups Preparing for Growth: Three Paths to IPO Readiness

CUTISS: Strategic Multi-Year Preparation

Daniela Marino, CEO of CUTISS, and Leti McManus of Tiger Link Advisors detailed IPO preparation without commitment. The University of Zurich spinout (founded 2017) develops engineered human skin tissue for burns and reconstruction, addressing a €1 billion+ annual market with its denovoSkin product in Phase 3 trials.

Starting in 2021, CUTISS worked with investment banks to assess feasibility and identify partnerships like the Tecan collaboration for production scaling. The company has raised CHF 120 million (August 2024 close) from family offices and strategic investors including a major European burn unit. McManus explained: preparation creates optionality and leverage. Requirements before listing include financial predictability and board additions with public company experience.

Ecorobotix: Revenue Growth Toward Public Markets

Danijela Karelse, CFO of Ecorobotix, joined in 2025 for growth and exit preparation. The EPFL spinout (2011) developed AI-powered crop spraying reducing pesticide use up to 95%, with recurring revenue from algorithm licenses targeting 50% of income. The company reached ~CHF 50 million revenue in 2024/25 with 100%+ CAGR since 2021, targeting CHF 100 million and profitability in 2026. Total funding: CHF 170 million. The team deliberately chose European investors for ecosystem alignment.

SWISSto12: Satellite Communications at Scale

Frederick Gustafson, CFO of SWISSto12, described scale achievement. The EPFL spinout (2011) reached >CHF 110 million revenue in 2024 with 250 employees, announcing CHF 100 million funding in January 2025. Proprietary 3D printing technology produces satellites for CHF 100M (vs CHF 500M traditional) in 2-3 years (vs 6+ years). The company secured a €73 million European Space Agency grant and considers mid-2027 satellite launches a crucial IPO proof point.

The Panel: What Swiss Tech IPOs Need to Succeed

Thomas Kindler (SIX), Stefan Kuentz (Swisscom Ventures), Mark Hammarskjöld (UBS), and Andy Yen (Proton) discussed timing, barriers, and opportunities.

Kindler cited Switzerland’s wealth management hub status and capital markets expertise. Hammarskjöld noted Swiss listings attract global institutional interest, VAT, Sensirion, and Galderma drew international demand based on company quality.

Kuentz emphasized timing requires patience. All showcased companies operated 10-14 years before considering IPOs. Consistency in commercial traction and the right management team take time. Large funding rounds create false urgency, high valuations don’t mean public market readiness.

Yen provided pointed analysis: Switzerland lacks supply, not demand. The Swiss National Bank holds predominantly US tech stocks because Swiss options barely exist. Trillions seek stable tech exposure, but investors have roughly three listed tech companies. If four quality companies list, all capital flows to them.

“Swiss investors understand tech—the SNB holds mostly US tech stocks. It’s not an education problem. We just lack Swiss options. If you’re one of three or four tech companies listed, all that capital flows to you.”

Andy Yen, CEO and Founder, Proton

Yen detailed policy failures. Stock option taxation remains uncertain after 15 years. Founders cannot promise clear tax treatment, rulings take three years with unpredictable outcomes. GetYourGuide moved to Berlin, Wundermind founders to Boston, a neighboring unicorn’s management to Austin, all forced abroad by talent constraints. Proposed Bern regulations would burden startups at 5,000 users while exempting Google, Amazon, and Apple.

Necessary changes: pension funds allocating 2-5% to venture and growth; Sweden-style tax advantages for retail investors; lower fund thresholds (current CHF 500-800M minimums exclude growth stories); reduced advisor M&A bias; earlier investor education. Hammarskjöld noted 60%+ of equity capital now sits in passive vehicles; Switzerland needs success stories like Actelion (CHF 20-25B J&J exit) to attract sector capital.

SIX Strategic Initiatives: Building IPO Infrastructure

Thomas Kindler outlined two major infrastructure initiatives. First, a dedicated pre-IPO platform for late-stage growth companies providing admission to trading without full listing requirements. This addresses early price discovery, share transferability, and public market education in a lower-stakes environment.

Second, a Pan-European growth market leveraging SIX venues in Switzerland, Spain (BME), and the UK (Aquis). Over 200 growth companies currently listed across these platforms raised approximately CHF 1 billion in 2024. Plans include harmonized listing requirements, support programs, and linked liquidity pools, giving Swiss companies access to European cornerstone investors and distribution channels.

Bjørn Sibbern, SIX Group CEO, emphasized that ensuring Swiss growth companies can list domestically and develop as public companies matters for ecosystem strength. Every Swiss company listing abroad represents lost value capture and reduced market depth.

The Swiss Tech IPO Paradox

Switzerland possesses every ingredient: globally leading universities producing 30-40 spinouts annually, CHF 1.2 trillion in pension assets, political stability, a respected exchange, and capital markets expertise. Yet IPO activity remains limited. BioVersys’s CHF 80 million listing was Switzerland’s first biotech IPO in seven years, celebrating success while highlighting gaps.

Readiness exists. CUTISS began IPO prep in 2021. Ecorobotix hired a CFO for exit readiness. SWISSto12 identified 2027 as its milestone. All four companies are EPFL or ETH Zurich spinouts operating 10-14 years with commercial traction.

Yen’s supply-not-demand diagnosis resonates. When the SNB holds primarily US tech stocks and domestic investors have minimal Swiss tech options, four quality listings would channel substantial capital toward those names. SIX-Homburger research confirms valuations track fundamentals, with Swiss processes offering efficiency.

Missing: ecosystem coordination for investor education, advisor IPO incentives, stock option policy reforms, pension allocation, retail tax incentives, and role models. SIX’s pre-IPO platforms and Pan-European integration create pathways. Policy changes would remove talent barriers.

With 60% of Swiss VC flowing to deep tech and Switzerland maintaining per capita spinout leadership, the foundation exists. BioVersys took the step and would repeat it. Others prepare. The 2025-2027 period could yield test cases reshaping Swiss tech capital markets.