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Pactiv Evergreen seeks to raise $861.5 million in IPO

(Reuters) - Food packaging products maker Pactiv Evergreen Inc said on Tuesday it looks to raise up to $861.5 million in its initial public offering.

The company intends to sell 41 million shares, at a price range of $18-$21 per share. The top end of the price range values the firm at $3.68 billion.

Pactiv Evergreen manufactures and distributes food merchandising products and fresh beverage cartons and counts major U.S. chains McDonald's Corp MCD.N and Walmart Inc WMT.N among its customers.

Pactiv Evergreen will list its shares on Nasdaq under the symbol "PTVE", it said in a filing bit.ly/2FgxmJr.

The IPO market has rebounded in recent months after a dry spell during the COVID-19 pandemic as stock markets around the world complete their recovery from coronavirus-induced lows and trade at record levels.

Credit Suisse Securities, Citigroup Global Markets, BofA Securities and Goldman Sachs are the lead underwriters to the firm’s offering.

Reporting by Abhishek Manikandan in Bengaluru; Editing by Saumyadeb Chakrabarty

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