VT5 Acquisition Company has become the first company to go public on the SIX Swiss stock exchange through a special purpose acquisition company (SPAC) listing.

The IPO comprised an offering of 20,000,001 class A shares along with 6,666,657 redeemable warrants, at CHF 10 per share plus a third of a warrant per share, a statement by the SIX Swiss exchange said.

The placement volume was CHF 200 million. VT5 achieved a market capitalisation of CHF 222 million at an opening price of CHF 10.20 for 21,764,707 listed shares.

“We are delighted to welcome VT5 to SIX so promptly after the new SPAC framework has entered into force. This SPAC IPO marks a milestone for Switzerland and we look forward to similar transactions of this kind next year. I wish VT5 every success in finding the suitable target businesses to take public on our exchange,”

said Jos Dijsselhof, CEO of SIX.

Earlier this month, the Swiss exchange unveiled a new regulatory framework that would allow IPOs via SPAC agreements. The framework restricts the selling of founders, sponsors, members shares for at least six months after an acquisition.