October 3, 2019 / 4:41 PM / 15 days ago

French glass bottle maker Verallia IPO priced 27 euros, low end of range

PARIS (Reuters) - French glass bottle maker Verallia on Thursday said it priced its initial public offering at 27 euros ($29.66) per share, which is at the low end of the 26.50 to 29.50 euros target range.

Verallia, which supplies glass containers to brands such as Dom Perignon champagne and chocolate spread maker Nutella, said the pricing will give the company a market valuation of 3.2 billion euros ($3.52 billion).

Shares are due to start trading on Oct. 8.

Verallia said last month the funds raised would give the company scope to make acquisitions and provide liquidity to selling shareholders.

Verallia says on its website that it is the world’s third-largest producer of glass packaging for drinks and food. In 2018, it produced nearly 16 billion glass bottles and jars.

The company has 32 glass factories and is present in 11 countries. It employs nearly 10,000 people and had 2018 turnover of 2.4 billion euros.

Reporting by Matthieu Protard and Sudip Kar-Gupta; Editing by GV De Clercq

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