Global container glass manufacturer Verallia has hailed the success of its Initial Public Offering (IPO).
It was the largest IPO in France since 2017, which raised €1.2bn. Verallia is the third-largest glass manufacturer in the world, producing 16bn bottles and jars while generating €2.4bn in revenues last year.
It operates from 32 factories across 11 countries and will use the funds to expand into what it says is an undersupplied market.
“In Europe the market is quite tight and there is a shortage of capacity. We will use this IPO to make acquisitions and expand,” said Verallia chief executive officer Michel Giannuzzi.
Apollo now owns roughly 55% of the business with the next two largest shareholders being BWGI Brazil with 8.6% and BPI with 7.3%.
Based on an offering price set at €27 per share, Verallia’s market capitalisation is €3.2 billion.