Norway-based liquid carton packaging maker Elopak has been listed for trading on the Oslo Stock Exchange.
As part of the initial public offering, approximately 123 million shares were allocated, including around 18 million new shares that raised €50 million of new equity, the company said in a statement.
The offering attracted strong interest from institutional investors and was significantly oversubscribed.
Nippon Paper Industries Co. Ltd, one of Japan's largest liquid packaging players, has acquired 5.0% of the share capital.
Last month, Elopak announced plans to apply for listing on the Oslo Stock Exchange in June.
'A Big Day For Elopak'
Thomas Körmendi, CEO of Elopak, commented, "This is a big day for Elopak, and I am very proud of today's listing. Being a listed company gives us greater flexibility to grow and develop further.
"It also represents an opportunity for anyone to invest in Elopak and join us on our journey to deliver high-quality, sustainable packaging solutions. Our vision is to be 'chosen by people, packaged by nature'. Now we will also work hard to be chosen by investors."
The final price of the shares in the offering was NOK28, corresponding to a market capitalisation of NOK7.5 billion for Elopak.
The company's former sole owner Ferd intends to remain an active and committed shareholder.
'An Exciting Milestone'
Morten Borge, CEO of Ferd, said, "The listing is an exciting milestone for Elopak. It has been quite a journey since Elopak was established as a local hero in Norway in 1957 to the position it enjoys today as a global industry leader.
"As long-term owners and supporters, we are impressed with Elopak's achievements so far, and we look forward to continuing our work with the company in the future. As a listed company, Elopak will have greater financial flexibility to support its plans for growth and play an even larger role in the global shift towards a low-carbon circular economy. We welcome all the new shareholders."
