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September 28, 2018 02:00 AM

SIG launches IPO on Swiss stock exchange

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    SIG Combibloc Group

    SIG Combibloc Group has launched its initial public offering on the SIX Swiss stock exchange in a bid to raise capital to repay existing debts.

    The Swiss drink packaging firm said it had priced its shares at 11.2 Swiss francs ($11.47), valuing the company at 3.6 billion francs ($3.78 billion).

    SIG has issued 105 million new shares, while majority shareholder Canadian private equity firm Onex Corp. and certain members of SIG management are selling 27 million of their existing shares.

    The net proceeds from the primary offering are expected to be 1.14 billion francs ($1.16 billion) and the company is planning to use the proceeds primarily to repay existing debt, the Schaffehausen, Switzerland-based company said in a Sept. 28 announcement.

    SIG's shares are now trading on the Swiss exchange under the symbol “SIGN” and the offering is expected to close on Oct. 2.

    “We are delighted to be relisting on SIX exchange following strong investor demand,” CEO Rolf Stangl said in a statement.

    Stangl had, in Sept. 3 comments, described the IPO as “a natural next step” in the company's growth strategy as it expands its markets and geographies.

    SIG reported sales 1.67 billion euros ($1.9 billion) and adjusted EBITDA of 480 million euros ($556.3 million) for the year that ended June 30.

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