Pactiv Evergreen, the largest manufacturer of fresh food and beverage packaging in North America, raised $574 million by offering 41 million shares at $14, well below the range of $18 to $21. Graeme Hart, owner of Rank Group, agreed to purchase 3.6 million shares ($50 million) in the offering. At pricing, the company raised -28% less in proceeds than anticipated.
Pactiv Evergreen 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 acted as lead managers on the deal.
