You are here

Reynolds wrap maker backed by Rank Group files for US IPO

[NEW YORK] Reynolds Consumer Products Inc, the maker of Reynolds Wrap aluminum foil and Hefty trash bags, has filed for a US initial public offering.

The company in its filing Friday listed the size of the offering as US$100 million, a placeholder used to calculate fees that will likely change. The number of shares and the price range for them haven't been decided yet, the company said in a statement.

The company, backed by New Zealand billionaire Graeme Hart's Rank Group, said in a statement in September that it had confidentially submitted its IPO registration to the US Securities and Exchange Commission.

Reynolds planned to seek a valuation of US$7 billion in the offering, people with knowledge of the matter said in October. For the nine months ended Sept 30, Reynolds said it had net income of US$135 million on revenue of US$2.2 billion, according to Friday's filing.

Companies have raised US$2.93 billion in 31 IPOs on US exchanges so far this quarter, compared with 29 raising US$5.78 billion during the same period last year, according to data compiled by Bloomberg.

Your feedback is important to us

Tell us what you think. Email us at btuserfeedback@sph.com.sg

Canadian waste management firm GFL Environmental Inc this month cancelled an IPO that targeted a listing of as much as US$2.1 billion. That followed the spectacular flop of WeWork's share-sale plans, which were officially withdrawn in late September.

The Reynolds offering is being led by Credit Suisse Group AG, Goldman Sachs Group Inc and JPMorgan Chase & Co. The company, based in Lake Forest, Illinois, plans to list its shares on Nasdaq under the symbol REYN, according to the filing.

BLOOMBERG

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes