Smurfit Kappa sets record with Ireland IPO.($1.7 BILLION)
Official Board Markets, March, 2007
According to Bloomberg, Smurfit Kappa Group raised $1.7 billion (1.3 billion euros) in Ireland's biggest initial public offering (IPO) in almost eight years. The shares were priced at 16.5 euros apiece, valuing the company at about 3.4 billion euros, according to the company. Bloomberg reports that none of the existing owners sold stock in the IPO, which leaves Madison Dearborn Partners LLC as its biggest shareholder.
The sale marks the company's return to the stock market after a five-year absence; Madison Dearborn bought Jefferson Smurfit Group in 2002 and later merged it with Kappa Packaging. According to Bloomberg, the sale is the largest ever in the paper-packaging industry.
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