Thursday 20 July 2017

Davy stockbrokers among advisors chosen for Ardagh's IPO

'Meanwhile, European stocks tumbled as investors questioned whether a rally that pushed equities to a 14-month high had gone too far' (stock photo)
'Meanwhile, European stocks tumbled as investors questioned whether a rally that pushed equities to a 14-month high had gone too far' (stock photo)
Colm Kelpie

Colm Kelpie

Davy Stockbrokers has been named as one of the bookrunners to advise on Ardagh Group's planned IPO.

Other advisors include Citigroup, Goldman Sachs, Credit Suisse and JP Morgan.

The packaging group has already told analysts that plans to list shares on the New York Stock Exchange later this quarter are well advanced.

Chairman Paul Coulson said the amount he's planning to raise by selling around 5pc of shares in the company in an initial public offering (IPO) will be relatively small, but that it was an important step for the business. The company yesterday launched a bond offering for a total financing of approximately $1.9bn.

Meanwhile, European stocks tumbled as investors questioned whether a rally that pushed equities to a 14-month high had gone too far.

By the close in Dublin, the ISEQ Overall Index was down 0.75pc or 49.06 points to end the trading week at 6,484.39.

The leaders on the Dublin market included food ingredients company Kerry Group, up 1pc to €73, while drinks group C&C rose 0.6pc to €3.92. On the other side of the board, the laggards included Bank of Ireland, down 3.4pc as it announced that it will not pay shareholders a dividend until 2018.

The Stoxx Europe 600 Index slid 0.8pc at the close in its biggest drop in more than three weeks, as all industry groups declined. Boosted by bets for stronger global growth and a pickup in inflation, the benchmark jumped 14pc from a low on November 4 through Tuesday before losing steam.

Commodity producers, banks and carmakers, among the biggest winners in the recent rally, led declines yesterday. The gauge of miners fell for a third day, after climbing to its highest level since July 2014. (Additional reporting Bloomberg)

Irish Independent

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