ZURICH (Reuters) - Packaging maker Aluflexpack said on Monday it aimed to raise 130 million-150 million euros ($145 million-168 million) when it becomes the fourth company to launch a Swiss stock market flotation this year.
The Swiss-Croatian maker of packaging for the tea, coffee, pharmaceuticals and pet food industries said it would use the proceeds to expand its facilities, increase automation and look at small acquisitions.
Finance chief Johannes Steurer told a news conference that trading in the stock was due to start on June 28.
The group could spend up to 90 million euros to buy two or three companies in the years ahead, he said.
Austrian investor Michael Tojner’s Montana Tech Components will remain the majority shareholder following the float.
In addition to the new shares, Montana will provide existing shares to cover a potential over-allotment of up to 15% of the base offering.
The company is hoping to benefit from robust capital markets and would have a market capitalization of around 300 million Swiss francs ($300 million), Reuters reported last week.
The company, which had turnover of 191.8 million euros in 2018, increased sales 24% to 50.6 million euros in the first quarter of 2019 and had a core operating profit margin of 13.9%.
Berenberg will act as the global coordinator and bookrunner in the float. Zuercher Kantonalbank will be joint bookrunner and Raiffeisen Centrobank will be co-lead manager.
Reporting by John Revill and Paul Arnold; Editing by Riham Alkousaa and Edmund Blair