Smurfit Kappa Group said it has priced its initial public offering of about 78.8 million shares at €16.50 each to repay certain existing debt facilities.
While Smurfit Kappa expects the shares to begin trading on the Irish Stock Exchange and London Stock Exchange on March 20 th, conditional trading started today on what is known on the grey market.
The paper-based packaging company said following the issue of about 205.6 million shares its market capitalisation will be about €3.4 billion. Deutsche Bank is acting as global coordinator of the Global Offer, the company said.
Gary McGann Smurfit Kappa CEO, said there was substantial interest from institutional investors and it was "significantly oversubscribed".