Austrian packaging group Constantia Flexibles intended to raise up to EUR821 million (USD1.10 billion) in an initial public offering. The company will start trading on November 27 in Frankfurt and Vienna.
According to a report by Reuters, Constantia would be pricing its new shares ranging between EUR19.50 to EUR25.50 apiece. The company would be selling up to 32.2 million shares in the offering. This would account for 57.5% of the company, putting the value Constantia at up to EUR1.43 billion, the report said.
Constantia's offering comprises over 5.13 million new shares and 24.08 million from the outstanding stocks of JP Morgan's One Equity Partners (OEP). The IPO also includes an overallotment option of up to 4.2 million from OEP, according to Reuters.
Reuters previously reported that proceeds from the offering would be used to fund the packaging group's international expansion.
The bookbuilding will happen in Germany and Austria from November 14 and November 26. The shares are due to be listed on the Prime Standard of the Frankfurt Stock Exchange and the Second Regulated Market of the Vienna Stock Exchange on November 27, Reuters said.
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