Swiss Vs US IPO Listings Analyzed In Whitepaper From SIX Stock Exchange
In a recent development aimed at guiding companies through their initial public offering (IPO) decisions, SIX Group has released an updated white paper examining the merits of listing on the Swiss Exchange versus pursuing a US-based IPO. The document shared by SIX, published on February 4, 2026, challenges common perceptions that favor US markets for tech firms and other issuers seeking global visibility.
By dissecting factors like investor access, liquidity, analyst attention, and listing costs, the paper positions Switzerland as a robust alternative that often matches or surpasses US benefits without the associated complexities.
One of the core arguments is that gaining entry to US investors doesn’t necessitate a full US listing.
Instead, companies opting for the SIX Swiss Exchange can leverage Rule 144A offerings to reach qualified institutional buyers in the US.
This approach bypasses the need for registration with the US Securities and Exchange Commission, streamlining the process while still tapping into American capital.
The white paper emphasizes Switzerland’s own substantial investor base, noting that the country boasts one of Europe’s largest pools of capital at approximately USD 207 billion—trailing only the United Kingdom.
This domestic strength provides a solid foundation for issuers, reducing reliance on foreign markets.
Addressing liquidity concerns, the analysis suggests that the perceived superiority of US exchanges is exaggerated.
While US IPOs typically exhibit higher turnover velocity in the first 90 days post-listing compared to European ones, this advantage primarily benefits domestic US companies.
Smaller foreign private issuers (FPIs) listing in the US often fail to experience the same boost in trading activity.
In contrast, Swiss and broader European markets frequently offer narrower bid-ask spreads, which enhance trading efficiency and reduce costs for investors.
This metric underscores the operational advantages of European venues, where execution is more predictable and less volatile.
The white paper also tackles the notion of superior analyst coverage in the US, revealing that the difference is minimal.
FPIs without established brand recognition or a strong US presence may not attract extensive research attention, even on major American exchanges.
European listings, including those in Switzerland, provide comparable visibility, especially for companies with regional ties.
This finding counters the allure of US markets as a guaranteed path to broader scrutiny and valuation support.
Cost efficiency emerges as another key highlight.
Underwriting fees for Swiss IPOs range from 2% to 5% of gross proceeds, generally lower than the 4% to 7% average in the US.
Additionally, Switzerland‘s principles-based regulatory environment keeps legal and compliance expenses in check, offering a more straightforward and less risky journey to going public.
This framework prioritizes proportionality, making it particularly appealing for mid-sized or international firms wary of stringent US requirements.
The release comes amid ongoing debates about optimal listing destinations, especially for technology companies drawn to the US for perceived higher valuations and ecosystem perks.
SIX’s paper aims to dispel myths by grounding comparisons in data, encouraging issuers to consider Switzerland’s stability and efficiency.
SIX Group, which operates the Swiss and Spanish financial infrastructures, serves a wide international clientele through services in trading, post-trading, financial data, and payments.
Owned by around 120 financial institutions, the firm reported operating income of CHF 1.6 billion and EBITDA of CHF 443.7 million in 2024, with a workforce exceeding 4,400 across 19 countries.
This analysis could influence future IPO strategies, highlighting how Swiss listings deliver value without compromising on global reach.
