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Packaging And Design

French Glass Bottle Maker Verallia IPO Priced €27, Low End Of Range

French glass bottle maker Verallia on Thursday said it priced its initial public offering at €27 ($29.66) per share, which is at the low end of the €26.50 to €29.50 target range.

Verallia, which supplies glass containers to brands such as Dom Perignon champagne and chocolate spread maker Nutella, said the pricing will give the company a market valuation of €3.2 billion ($3.52 billion).

Shares are due to start trading on 8 October.

Verallia said last month the funds raised would give the company scope to make acquisitions and provide liquidity to selling shareholders.

Verallia says on its website that it is the world's third-largest producer of glass packaging for drinks and food. In 2018, it produced nearly 16 billion glass bottles and jars.

The company has 32 glass factories and is present in 11 countries. It employs nearly 10,000 people and had 2018 turnover of €2.4 billion.

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

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