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Packaging And Design

Aluflexpack Aims To Raise €140m In Latest Swiss IPO

Packaging maker Aluflexpack aims to raise around €140 million ($156.5 million) when it becomes the latest company to launch a Swiss stock market flotation, it said on Monday.

The maker of packaging for the tea, coffee, pharmaceuticals and pet food industries said it will use the proceeds to expand its facilities, increase automation and look at small acquisitions.

Austrian investor Michael Tojner's Montana Tech Components will remain the main shareholder following the float, which is due to take place on the SIX Swiss Exchange in the second quarter of 2019.

In addition to the new shares, Montana will provide existing shares to cover a potential over-allotment of up to 15% of the base offering.

Robust Capital Markets

The company is hoping to benefit from robust capital markets and would have a market capitalisation of around CHF 300 million (€268.8 million), Reuters reported last week.

The company, which had turnover of 191.8 million euros in 2018, increased sales 24% to 50.6 million euros in the first quarter of 2019 and had a core operating profit margin of 13.9%.

Berenberg will act as the global coordinator and bookrunner in the float, while Zuercher Kantonalbank will be joint bookrunner and Raiffeisen Centrobank will be co-lead manager.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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