How SMG Swiss Marketplace Group powered Europe's largest IPO of 2025 with Ledgy

{{quote-1}}

About SMG Swiss Marketplace Group

SMG Swiss Marketplace Group (SMG) operates Switzerland's leading digital marketplaces, connecting millions of users across multiple platforms. As a well known player in the Swiss digital economy, SMG listed on the SIX Swiss Exchange, becoming Europe's largest tech IPO of 2025.

About Thomas Hug, Director Rewards & People Operations

Thomas Hug is Director of Rewards & People Operations at SMG Swiss Marketplace Group. With a background spanning total rewards and HR operations, Thomas is responsible for designing and delivering SMG's compensation and equity programmes across its international workforce.

From spreadsheets to scalable systems

When SMG began planning their IPO, they knew their equity management approach needed to evolve. As a private company with a limited number of long-term incentive participants, tracking equity in Google Sheets had been manageable. However, as the organisation grew and SMG prepared to democratise equity participation across all employees, manual processes were no longer viable.

"It worked for the time it was in place, but it was not scalable as the organisation grew and with the wish to let most employees participate in SMG shares," says Thomas Hug, Director Rewards & People Operations at SMG. The upcoming IPO made the need for change even more urgent. SMG required a platform that could handle complex share plans, support employees becoming shareholders post-IPO, and maintain compliance with reporting and tax requirements across multiple jurisdictions.

{{quote-2}}

Finding the right partner for a pivotal moment

SMG conducted a thorough evaluation of several equity management providers, looking for a solution that could support them not just through the IPO, but for years to come. After careful consideration, Ledgy emerged as the favourite.

"We reviewed several providers and went through a thorough evaluation process to find a solution that could support us not just now but also as we continue to grow and broaden the number of employees holding SMG shares," says Thomas. "Ledgy stood out because it offered the right mix of self-service features, automation, and flexibility."

Beyond the technical capabilities, SMG valued Ledgy's partnership approach. "The platform provides a good overview of equity holding for participants, keeps processes lean, and gives us the security and scalability we need. Especially during a pivotal moment like the IPO," Thomas explains. "Additionally, we felt that Ledgy is interested in us as a customer and offers great efforts to provide good service to us. Ledgy felt like a partner that could grow with us and make equity management much simpler for both employees and the business."

Building a future-proof equity strategy

Preparing for the IPO required SMG to fundamentally rethink their equity management approach. They needed to design plans that would work for a publicly-traded company serving a significantly larger employee base across multiple markets.

"Preparing for the IPO meant rethinking how we manage equity in a way that works for a public-company setup and for a much larger group of employees," says Thomas. SMG created a new long-term incentive plan for senior managers and adjusted their profit growth share plan to settle in equity, enabling a broad portion of employees to participate in the company's share development.

{{quote-3}}

A milestone moment for SMG

The IPO represented a transformative milestone for SMG. When the company listed on the SIX Swiss Exchange, it became Europe's largest IPO of the year, a testament to the strong market confidence in SMG's business model and future prospects.

"Our IPO was a significant milestone for SMG and genuinely a proud moment for the entire organisation," reflects Thomas. The shares opened at CHF 48.25, giving SMG a market capitalisation of approximately CHF 4.7 billion on the first day of trading.

"The process brought a huge amount of collaboration across teams, and the outcome validated the work put into building SMG over the years," says Thomas. "The listing also set us up well for the future, creating visibility and strengthening our position in the market."

Smooth implementation during an intense period

With the pressure and complexity of preparing for an IPO, SMG needed their equity management implementation to proceed flawlessly. The Ledgy team delivered exactly that.

"The Ledgy team was genuinely helpful throughout the process. The implementation went smoothly, which was very important in such a stressful time," says Thomas. "The Ledgy team took a huge amount of work off our shoulders, which allowed us to stay focused on the IPO itself."

"Their support made the transition smooth and gave us confidence that the equity side was in good hands during a very intense period," he adds.

Communicating change thoughtfully

SMG took a deliberate approach to employee communications throughout the IPO process. They communicated early and openly with employees, particularly regarding the new share programme, which received an enthusiastic response.

{{quote-4}}

For the rollout of Ledgy, SMG adopted a phased approach aligned with their grant schedule. "The tool hasn't been launched to all employees yet as the first grant will happen at the beginning of this year—we're rolling it out gradually to make sure the experience is smooth, the guidance is clear, and everyone understands how it fits into the new share plan," Thomas explains. "This approach allows us to support employees properly as we introduce the platform step by step, rather than overwhelming everyone at once."

Making equity meaningful for everyone

At the heart of SMG's equity strategy is a simple but powerful goal: enabling everyone to share in the company's success.

"At SMG, our equity approach is really about one thing: making sure everyone can share in the company's success," says Thomas. "We want people to feel connected to the journey we're on and to see the impact of their work reflected in the value we create together. We're giving everyone the chance to take part in SMG's growth, not just watch it from the sidelines."

Looking ahead, SMG's focus is on ensuring equity remains accessible and meaningful. "Now that we've completed the IPO and have Ledgy in place, our focus is really on making equity feel simple, accessible, and meaningful for employees. We want people to understand and enjoy the experience of being shareholders, not feel overwhelmed by it," says Thomas.

"Our hope is that equity becomes an even stronger part of SMG's culture: something that helps people feel connected to the company's success and the long-term direction we're taking," Thomas concludes. "Ledgy gives us the foundation to keep improving the program year after year and to make equity something everyone can benefit from."

‍