Graham Packaging lowers IPO
offering because of weak market conditions, has reformulated the
offering, cutting the size by 22 per cent and raising the estimated
price range.
Graham Packaging, which postponed last year's initial public offering because of weak market conditions, has reformulated the offering, cutting the size by 22 per cent and raising the estimated price range.
The US-based global manufacturer of plastic receptacles, whose customers include Heinz and Coca-Cola, said it now plans to offer 13 million shares, down from an originally planned 16.7 million, according to a Reuters report.
The offering will leave the company with about 35 million shares, which according to analysts gives the company a market value of $670 million.
Graham claims that the offering will mean it becomes the only packaging firm listed on the New York stock exchange solely dealing in customised plastic containers.
Currently Pepsi is Graham's largest customer, accounting for 18 per cent of its sales in the first nine months of last year.
