Swiss packaging maker SIG Combibloc on Friday set the price range for its initial public offering at 10.50 to 13.50 Swiss francs per share, targeting proceeds of up to 1.78 billion Swiss francs ($1.84 billion) which will mainly be used to trim debt.
As well as new shares being issued, Canadian private equity firm Onex, majority owner of the maker of the drinks packaging company since 2015, and SIG management will also sell some of their existing holdings. Still, the existing shareholders will hold up to 56.4 percent in the company after the listing is completed and if an overallootment of shares is exercised The float would give SIG Combibloc a market capitalisation of 3.4 billion francs to 4.1 billion francs, with the company launching the bookbuilding process on Monday, Sept. 17.