Paper-based packager Smurfit Kappa raised €1.3 billion (£0.89 billion) in an initial public offering (IPO) on the Irish stock exchange, the company has revealed.
In a statement, the Dublin-based firm said that it has successfully sold 78.8 million shares at €16.50 (£11.30) a piece, adding that it expected its market capitalisation to be approximately €3.4 billion (£2.3 billion) following the issue of around 205.6 million shares.
The company, which expects to commence unconditional trading on the Irish and London markets on March 20th, said that it would use proceeds from the global offer to repay certain existing debt facilities.
Smurfit Kappa, which was formed in 2005 following the merger of Dutch-based firm Kappa Packaging and Irish company Jefferson Smurfit, added that existing shareholders did not sell any shares in the IPO and had agreed not to do so for a 180-day period following admission to the Irish stock exchange.
Commenting on the global offer, which is being overseen by Deutsche Bank, Smurfit Kappa chief executive Gary McGann said the IPO had been "significantly oversubscribed".
"We are delighted to announce our successful return to public markets in what is the largest ever primary offering within the Irish market and the largest ever equity raising in the paper packaging sector," Mr McGann said.
"The significant level of investor interest re-affirms our belief that industry conditions and Smurfit Kappa's business model today provide us with a compelling basis to deliver and sustain superior returns," he added.
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