Pactiv Evergreen, the largest manufacturer of fresh food and beverage packaging in North America, announced terms for its IPO on Tuesday.
The Lake Forest, IL-based company plans to raise $800 million by offering 41 million shares at a price range of $18 to $21. At the midpoint of the proposed range, Pactiv Evergreen would command a fully diluted market value of $3.4 billion.
Pactiv Evergreen is the largest manufacturer and distributor of fresh foodservice products, food merchandising products, and fresh beverage cartons in North America by revenue.
Pactiv Evergreen was founded in 2006 and booked $6.8 billion in sales for the 12 months ended June 30, 2020. It plans to list on the Nasdaq under the symbol PTVE. Credit Suisse, Citi, BofA Securities, Goldman Sachs, Baird, BMO Capital Markets, Deutsche Bank, HSBC and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of September 14, 2020.
