Glass and metal-packaging firm Ardagh Group has announced that it has commenced its initial public offering, filed with the US Securities and Exchange Commission.
The packaging company plans to sell 16.2 million Class A shares, each priced between $17 and $20. The underwriters also have a 30-day option to purchase up to 2.43 million additional Class A common shares from Ardagh.
Citigroup, Deutsche Bank Securities, Goldman Sachs & Co., Barclays, Credit Suisse and J.P. Morgan are acting as joint book-running managers of the offering, Ardagh confirmed in a statement. Davy and Wells Fargo Securities are acting as co-managers of the offering.
At the start of March, Ardagh said that group revenue at its operations grew by 22% last year, to €6.3 billion, as a result of the acquisition of a number of beverage-can assets arising out of the merger of Ball Corp and Rexam plc. On a pro-forma basis, group revenue was €7.6 billion in 2016, a decrease of 2% on a constant-currency basis.
Ardagh Group operates 109 facilities in 22 countries, employing approximately 23,500 people, and it has global sales of approximately €7.7 billion. Among the FMCG companies for which it works are Heineken, Coca-Cola and L'Oréal.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
