Business World

Monday 18 December 2017

Ardagh Group fires starting gun on potential $372m stock market listing in New York

Ardagh chairman Paul Coulson
Ardagh chairman Paul Coulson
Donal O'Donovan

Donal O'Donovan

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.

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