Going public in Switzerland: through the front door of an IPO, or through the side door of a reverse merger? The question occupied a panel of capital markets experts at Investora. The report, published on 24 September 2026, does not come from a neutral observer: it is SIX, the operator of the Swiss stock exchange, that signs it on its own website. SIX therefore has a direct interest in companies coming to list with it. What follows is what the exchange reports of the discussion, and should be read as such.
One panel, a single named voice
According to SIX, Sascha Hilber, Head Primary Markets Switzerland at SIX Swiss Exchange, took part in the debate “alongside representatives of the ecosystem”. The text does not name these other speakers and gives neither the date nor the venue of the round table. The views are presented as those of the panel as a whole; only the closing quote is attributed by name, to Sascha Hilber.
The IPO remains the benchmark, according to SIX
According to the report, the discussion highlighted that Switzerland remains a favourable environment for companies wishing to access the public markets through an IPO. To illustrate this, SIX cites recent deals: Infracore, SMG, Bioversys and Galderma. The exchange sees them as proof of the Swiss market’s appeal for companies seeking growth, visibility and capital. The text, however, gives no figures on these deals: no amounts raised, no valuations, no share price performance since listing.
The reverse merger: how it works
SIX describes the reverse merger as a tool that has become part of the “toolbox” of companies considering a listing. The principle, as explained in the source:
- a private company in effect “acquires” a company whose shares are already listed;
- the shareholders of the private company exchange their securities for new shares in the listed company thus taken over.
Example highlighted by SIX: the reverse merger of Centiel into HT5, completed this year and described as “successful” by the exchange. The text details neither its terms nor its timetable.
Not a shortcut
This is the panel’s most useful message, again according to SIX: participants agreed that a reverse merger should not be seen as a shortcut to becoming a successful listed company. Whichever route is chosen, the company must be ready for the capital markets and able to meet the expectations of investors and other stakeholders.
Another takeaway: transaction structures vary widely and must be assessed in light of the company’s strategic objectives. The report cites three criteria:
- capital-raising needs;
- the liquidity of the shares on the market;
- shareholders’ objectives.
Sascha Hilber sums up the position as follows: “Whether a company chooses an IPO or a reverse merger, lasting success on the public markets depends on its capital markets readiness and on defining a structure aligned with its objectives and those of its shareholders.”
What the source does not say
The title promises a choice between two routes, but the text remains general. It contains:
- no comparison of costs, duration or regulatory requirements between an IPO and a reverse merger;
- no concrete risk specific to the reverse merger, beyond the warning about the “shortcut”;
- no figures on the Swiss IPO market;
- no view attributed by name to a speaker from outside SIX.
The text in fact ends with an invitation to contact the Primary Markets team at SIX Swiss Exchange to assess a listing. A company weighing the question would therefore do well to compare this view with that of independent advisers.
