French Glassware Maker Verallia Kicks Off IPO
French glass bottle maker Verallia set an indicative price range of between €26.50 and €29.50 per share as it kicked off its initial public offering (IPO) in Paris.
Verallia, controlled since 2015 by US investment company Apollo, said the initial size of the global offering for the sale of 34.4 million shares would raise around €911 million ($1 billion) based on the low end of the indicative range.
The final pricing of the offering is expected on 3 October.
Verallia would be the largest IPO on Euronext's Paris stock market since June 2017 when Societe Generale floated a stake in its car leasing arm ALD Automotive in a listing that valued the firm at more than €5 billion.
Verallia, the world's third largest maker of glass bottles and jars, supplies containers to iconic consumer brands such as Dom Perignon champagne and chocolate spread Nutella.