Onex, the majority owner of SIG Combibloc Group said it has successfully priced the initial public offering of its ordinary shares on the SIX Swiss Exchange at CHF 11.25 per share.
provider of aseptic carton packaging solutions for the food and beverage industry
The market capitalization of SIG at the offering price will be CHF 3.6 billion. SIG issued 105,000,000 new shares and Onex Corporation and its affiliates and certain members of SIG management sold 27,000,000 existing shares. The joint global coordinators were granted a 30-day over-allotment option of up to 19,800,000 existing shares from the Selling Shareholders. S
IG’s ordinary shares are now trading on the SIX Swiss Exchange under the symbol “SIGN”. The offering is expected to close on October 2, 2018, subject to customary closing conditions. The Onex Group have agreed with the underwriters not to dispose of further SIG ordinary shares (except under the greenshoe) until 180 days after the first day of trading, subject to customary exceptions.
At the offering price and excluding the greenshoe, proceeds to the Onex Group will be approximately $300 million, of which Onex’ share will be approximately $105 million as a limited partner in the fund and as a co-investor.
The Onex Group continues said it will hold approximately 182 million shares of SIG.