Global packaging giant Ardagh Group prices shares at $19 each
Global packaging giant Ardagh Group has priced shares in its initial public offer at $19 each, at the upper end of previous guidance.
The IPO of 16 million shares will raise $354m in total, including a so called greenshoe or overallotment of additional stock that may be exercised by the underwriters.
Earlier this month Ardagh said it expected to price the shares at between $17 and $20 each. Shares will go free to trade on the New York Stock Exchange on Wednesday.
Ardagh founder and chairman Paul Coulson had said he planned to raise around $300m by selling 5pc of shares in the company in what is a small equity raise relative to the size of the business. Proceeds will go to reduce Ardagh's group debt, which stands at €7.2bn.
Ardagh Group had sales of €7.7bn last year, according to results filed last month.
Although small relative to the scale of the business, the stock market float is likely to be increased in future and will give Ardagh an option of raising capital in the equity markets rather than from bondholders in the future.
Citigroup, Deutsche Bank, Goldman Sachs, Barclays, Credit Suisse and JP Morgan are acting as joint book-running managers for the offering.