Norway’s Elopak Considering Oslo IPO In June
Norwegian liquid carton packaging maker Elopak has announced plans to apply for listing on the Oslo Stock Exchange this June.
The initial public offering (IPO) will allow the company to access capital markets for supporting its innovation and growth ambitions.
It will support Elopak’s expansion into new markets, further investments in new products and technology, and potential acquisitions.
The listing will also add a new industrial ESG share with a clear dividend profile to the Oslo Stock Exchange, the company added.
In 2020, Elopak generated revenues worth €909 million, with an EBITDA margin of 13.5%.
The company displayed resilience throughout the COVID-19 pandemic, and the positive momentum continued into 2021.
It reported an adjusted EBITDA margin of 14.5% in the first quarter of 2021, up from 12.3% in the same period last year.
Founded in 1957, Elopak is now owned by the Norwegian investment company Ferd Group.
Commenting on the IPO, CEO of Elopak, Thomas Körmendi, said, “Ferd [Group] intends to remain an active and committed shareholder also after the IPO. Becoming a public company will give us greater flexibility to develop further.
“We look forward to exploring these opportunities together with the new shareholders.”
The listing will include a combination of new shares and the sale of existing shares from Ferd.
Nippon Paper Industries Co. Ltd will also acquire shares in the offering, equivalent to 5.0% of the share capital of Elopak ASA, at the final offer price.
Nippon Paper, one of the largest liquid packaging players in Japan, has shown its support for and belief in Elopak’s business and strategic outlook, building on a relationship spanning more than 30 years, the packaging company added.
Elopak is involved in developing and producing carton packaging and filling machines in the beverages and liquid food segment. It sells 14 billion cartons annually in over 70 markets worldwide.
Stricter regulations for plastic packaging, increased consumer demand for sustainable products, and growing efforts to transition to a low carbon circular economy are essential market drivers shaping the company’s plans, the company added.
Körmendi explained, "Elopak’s vision is to be chosen by people, packaged by nature. We are constantly innovating and investing in market-leading technology to develop high-quality, sustainable packaging solutions that deliver convenience for consumers and ensure product safety.
"Building on more than 60 years of experience, Elopak’s iconic Pure-Pak cartons are well-positioned to support the transition to a low carbon circular economy and meet the growing demand for sustainable alternatives to plastic bottles."