trending Market Intelligence /marketintelligence/en/news-insights/trending/C8_tYDJDYK0v6Q1nzprB2Q2 content esgSubNav
In This List

Apollo-backed Verallia prices Paris IPO for €888M in gross proceeds

Blog

Using ESG Analysis to Support a Sustainable Future

Podcast

Street Talk Episode 87

Blog

A New Dawn for European Bank M&A Top 5 Trends

Blog

Insight Weekly: US banks' loan growth; record share buybacks; utility M&A outlook


Apollo-backed Verallia prices Paris IPO for €888M in gross proceeds

Verallia SA priced its IPO of 32,900,819 existing shares at €27 per share for expected gross proceeds of €888 million.

The price of the IPO, which is near the low end of the projected per-share range of €26.50 to €29.50, gives the company a market capitalization of approximately €3.2 billion.

The IPO comes with an overallotment option for the purchase of up to 3,311,114 additional shares, which would increase the size of the offering to 36,211,933 shares and the gross proceeds to €978 million if exercised in full. The overallotment option is exercisable by stabilization agent BNP Paribas through Nov. 1.

The shares were sold by Horizon Parent Holdings Sàrl, certain managers of the company and certain co-investors. Horizon is 90/10 owned by a fund managed by an Apollo Global Management Inc. affiliate and Bpifrance Participations SA.

Bpifrance subscribed for €40 million in the IPO, while Brazilian investment company Brasil Warrant Administração de Bens e Empresas SA, or BWSA, subscribed for €275 million through a fund managed by its subsidiary BW Gestao de Investimentos Ltda. Verallia said it will not receive any proceeds from the share sale by the selling shareholders.

The France-headquartered company, which produces glass packaging for beverages and food mainly in Europe, was set to trade on the regulated market of Euronext Paris from Oct. 4 to Oct. 7. Settlement of the global offering is scheduled for Oct. 7 and the first trading day of Verallia shares on Euronext Paris Compartment A is expected Oct. 8.

BNP Paribas, Citigroup and Deutsche Bank AG are the joint global coordinators, joint lead managers and joint book runners. Banco Santander, Barclays, Crédit Agricole Corporate and Investment Bank, Credit Suisse and Société Générale are the joint lead managers and joint book runners. Apollo Global Securities LLC and Raiffeisen Centrobank are the co-lead managers.