DUBLIN (Reuters) - Packaging conglomerate Ardagh Group (ARD.N) on Tuesday priced its long-awaited initial public offering (IPO) at $19 per share in a listing of around 7 percent of the company on the New York Stock Exchange.
The Luxembourg-based supplier of glass and metal containers, controlled by Irish billionaire Paul Coulson, had announced - and then delayed - a stock market debut several times, but said last month that it intended to float this quarter.
Ardagh said in a statement on Tuesday it intends to sell 16.2 million class A common shares, representing approximately 6.9 percent of its share capital, to raise $307.8 million.
The deal’s underwriters may also exercise an option to purchase up to 2.4 million additional shares.
Ardagh, which has been manufacturing Dutch brewer Heineken’s (HEIO.AS) iconic green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year.
The packaging producer, which also counts L‘Oreal and Coca-Cola among its clients, has grown its annual revenue to 7.7 billion euros through a series of acquisitions.
Coulson said last month that while the funds to be raised in the IPO would be relatively modest, becoming a publicly-traded company was a “very logical progression” for the company he has transformed from a small, single plant to one that operates out of over 100 facilities in 22 countries.
Citigroup, Deutsche Bank Securities, Goldman Sachs & Co, Barclays, Credit Suisse and JPMorgan are acting as joint book-running managers. Ireland’s Davy Stockbrokers and Wells Fargo Securities are acting as co-managers.
(1 euro = $1.0579)
Reporting by Conor Humphries, editing by G Crosse