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Ardagh Group eyes €2bn IPO for metal can packaging business

Luxembourg-based glass and metal products firm Ardagh Group has floated a new wholly-owned subsidiary Oressa to transfer its metal can packaging business, and raise around €2bn through an initial public offering (IPO).

The company has filed a registration statement with the US Securities and Exchange Commission regarding the IPO of its Class A common shares.

However, Oressa, which eyes its listing on the New York Stock Exchange under the symbol ‘ORES’, is yet to take call on the count of shares to be placed for the offering and their price range.

The company said in a statement: "A registration statement relating to these securities has been filed with the SEC but has not yet become effective.

"These securities may not be sold, nor may offers to buy, be accepted prior to the time that the registration statement becomes effective."

Catering to the consumer products industry, Ardagh’s metal can business has operations across 54 production units in 20 countries. It has a customer base of 1,300 and a staff headcount of 7,300.

The company has appointed Citigroup as its lead book-running manager.