Infomaniak Begins Trading on SIX Swiss Exchange at CHF 56, Valuing Listed Shares at About CHF 262 Million

Infomaniak SA began trading on SIX Swiss Exchange on Thursday under ticker INFO, with an opening price of CHF 56 per share. At that price, the listed B-shares carried a market capitalization of about CHF 262 million, giving the Swiss cloud provider a public-market value for the class of shares now available to investors.

The CHF 262 million figure applies to 4,670,103 listed B-shares rather than to every share outstanding. Infomaniak also has 8,050,226 unlisted registered A-shares. Those A-shares are held by the Infomaniak Foundation and carry preferential voting rights, allowing the foundation to retain majority voting control even after the B-shares became publicly tradable.

SIX said the listing makes Infomaniak the first certified B Corp and the first sovereign-cloud pure player listed on the exchange. The shares trade under the symbol INFO, with ISIN CH1609605055, and SIX said Infomaniak will be included in the Swiss Performance Index family.

Listed B-shares set the first public price

Opening at CHF 56 establishes a market price for Infomaniak’s listed B-shares after more than three decades of private ownership. It should not be read as a closing price or as a fixed valuation for the business. Once trading begins, the price is determined in the market, and Infomaniak says it does not publish price targets or forecasts.

Infomaniak’s two share classes make the headline valuation more specific than a conventional one-class market-cap figure. The listed B-shares have a nominal value of CHF 0.25 each and carry one vote per share. Unlisted A-shares have a nominal value of CHF 0.025 each and give the foundation preferential voting rights. Infomaniak says those A-shares are not freely transferable, reinforcing a structure designed to keep strategic control separate from the public float.

For investors, the listing creates a tradable security tied to a company that has historically financed its growth internally. It also adds a public reference price and the disclosure obligations that come with a SIX listing. Infomaniak says its services, contracts, pricing policy and data location remain unchanged for customers.

Reverse takeover brings Infomaniak onto SIX

Infomaniak reached the exchange through a reverse takeover of Perrot Duval Holding SA rather than a traditional initial public offering. Perrot Duval had been listed in Switzerland since 1905. Its shareholders approved the acquisition of Infomaniak Group SA on Sept. 24, along with the change of the listed company’s name to Infomaniak SA, the transfer of its registered office to Geneva and the election of a new board.

Board approval of the completion followed on Sept. 25, after which new shares were issued in exchange for Infomaniak Group SA shares. Infomaniak’s investor-relations materials describe this route as simpler and less expensive than a traditional IPO while still requiring a prospectus and the transparency associated with a public listing.

Importantly, the listing itself is not a new-share fundraising round. Infomaniak says it has grown since 1994 without external equity capital and that no decision has been made to raise fresh capital at this stage. Instead, the public listing gives the company access to capital markets if it later chooses to use them.

Control remains with the framework put in place before trading began. The Infomaniak Foundation, a Swiss public-benefit foundation under Geneva cantonal supervision, holds the unlisted A-shares and the majority of voting rights. According to the company, the foundation does not run day-to-day operations, which remain the responsibility of management and the board, but its voting position is intended to support long-term control and the group’s stated independence.

Capital access comes without an immediate fundraise

Infomaniak has linked its longer-term financing needs to expansion in sovereign cloud infrastructure, software and artificial intelligence services. SIX said access to public capital could support additional data-center capacity in Switzerland, deeper AI capabilities in its cloud and collaboration products, and commercial expansion elsewhere in Europe. Those are potential uses of future capital access, not proceeds from a financing completed alongside the listing.

The company enters the public market with a growing operating base. Infomaniak’s investor materials say total operating revenue rose from CHF 49.9 million in 2024 to CHF 55.9 million in 2025. EBITDA was CHF 19.9 million in 2025, representing a margin of 35.6%. Since 2017, the company says profits have been fully reinvested in areas including data centers, research and development and engineering recruitment.

Management’s published 2026 goals call for revenue growth of 15% to 20% from 2025 and an EBITDA margin of about 38% to 40%, excluding costs related to the public offering. Those figures are company targets rather than reported full-year results. The same investor materials outline more than 20 products planned over the 2026 to 2030 period and a fifth-generation, 2.5-megawatt data center scheduled for 2028.

Public trading also changes how investors can evaluate those plans. Infomaniak will now publish regular financial information as a listed issuer, while its share price provides a continuously updated market signal for the publicly traded B-class. The foundation-controlled A-shares, however, mean the market value of the listed class and control of the company remain separate concepts.

The next scheduled financial milestone is Dec. 10. Infomaniak’s financial calendar calls for half-year results as of Oct. 31, reflecting the last half-year reporting date under Perrot Duval’s previous fiscal-year cycle. The company has shifted its fiscal year to end Dec. 31, with its 2026 annual report scheduled for spring 2027.