Unifoil Holdings, which produces recyclable paper-based laminates for consumer goods packaging, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing, the company also disclosed financials for the year ended December 31, 2023.
The Fairfield, NJ-based company now plans to raise $7 million by offering 2 million shares at a price range of $3 to $4. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the midpoint of the revised range, Unifoil Holdings will raise 53% less in proceeds than previously anticipated and command a market value of $49.7 million.
If the company has a market cap of less than $50 million at pricing, Unifoil will be excluded from Renaissance Capital's 2024 IPO stats.
Unifoil develops, designs, manufactures, and sells paper and paperboard products for consumer goods packaging that are plastic free and 100% recyclable. Using its proprietary processing technology, the company metalizes paper to create custom products with a reflective metallic look or holographic design, without the need for an additional plastic substrate. Unifoil's customers span the US, Mexico, Canada, and Poland, and the company has served various consumer brands such as Anheuser-Busch, Procter & Gamble, Colgate-Palmolive, and Unilever, among others.
Unifoil Holdings was founded in 1971 and booked $27 million in revenue for the 12 months ended December 31, 2023. It plans to list on the NYSE American under the symbol UNFL. Boustead Securities and Sutter Securities are the joint bookrunners on the deal.
