Gategroup’s IPO Strategy: What Investors Need to Know

WHY MATTERS TO INVESTORS

Gategroup Holding AG has selected Bank of America, Morgan Stanley and UBS to advise on a potential initial public offering, with Zurich under consideration as a listing venue and timing discussed as early as the second half of 2026. As with all deals at this stage, size, structure, timing and venue remain subject to change.

That uncertainty is normal.
What matters is why this step happens so far ahead of any listing.

For investors, the signal here isn’t valuation.
It’s distribution.

Overview, what investors should know

What it is
Gategroup is a Swiss-based aviation services group and the world’s largest airline caterer. Its operations span airline catering, onboard retail, airport logistics and related services, supporting major carriers across a global network.

Ownership
The business is jointly owned by Temasek of Singapore and RRJ Capital. It was previously listed in Switzerland, taken private in 2017, and later restructured following the pandemic disruption to global aviation.

IPO status, today
The appointment of global banks marks the start of formal IPO preparation. No final decisions have been made, but discussion has centred on Zurich and a potential window in the second half of 2026.

This is a preparatory phase. Not a transaction.

Why bank selection matters

When a company appoints banks, the work shifts from “can this list?” to “how do we place it?”

That process includes:

defining the equity story
identifying the target investor base
quietly testing demand
deciding how allocation will be distributed
determining which channels will have access

By the time an IPO appears on a retail platform, most of these decisions have already been taken.

Allocation versus exposure

IPOs are often discussed as a single opportunity. In reality, there are two very different routes.

Primary allocation

Participation before listing. Typically accessed via:

institutional funds
private banks and wealth managers
established distribution relationships within the syndicate

Allocation is discretionary. It is not first-come, first-served.

Secondary market exposure

Buying the shares once trading begins.
Liquid and accessible, but not the same as receiving IPO allocation.

Both approaches can make sense. They serve different objectives.

What a Zurich listing means in practice

If Gategroup proceeds with a listing on the Swiss exchange:

most investors will be able to trade the shares once listed, provided their platform covers Switzerland
primary allocation access is generally tighter for cross-border retail investors
the practical route for many UK-based investors is either secondary exposure or indirect access via a fund, manager or private banking channel

This reflects how European IPO distribution works.

How professional investors approach IPOs

Experienced investors rarely treat IPOs as one-off events.

Instead, they focus on:

repeatable access to primary markets
platforms and managers embedded in distribution
structure, eligibility and suitability
when not participating is the correct decision

In many cases, the highest-quality decision is patience, allowing liquidity and price discovery to settle post-listing.

The practical question for UK investors

For UK-based investors watching deals like this, the useful question is simple:

Are you positioned for allocation, or are you reacting after the fact?

That answer determines:

which platforms matter
whether indirect exposure makes more sense
whether waiting is the disciplined move

Often, doing nothing is a position.

Closing thought

IPOs are not a race.
They are a distribution exercise.

Understanding access routes matters more than enthusiasm for the story.

Market commentary only. Not investment advice.