Ardagh Group has fired the formal starting gun on an up to $372m stock market listing in New York.
Papers filed with the New York Stock Exchange show the glass and metal container giant state intends to sell 16.2million share in a price range of between $17 and $20 per share.
Including a so-called “greenshoe” of 2.48million additional shares that may be exercised by the underwriters, it would take the total raised to as much as $373.6m, if the deal priced at the top of the indicated range.
Mid price range, the proceeds of the initial public offering (IPO) will amount to around $350m, well ahead of the $300m previously indicated.
Ardagh founder and chairman Paul Coulson had said he's planning 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 €7.2m.
Ardagh Group had sales of €7.7bn last year, according to results filed last month.
Davy Stockbrokers is acting alongside Citigroup, Goldman Sachs, Credit Suisse and JP Morgan as book-runners on the US market debut.
With the bulk of papers now filed ahead of the market debut, a formal investor roadshow is expected to kick off, clearing the way for the deal to price in the market within weeks.