Dutch drinks giant Refresco Gerber will be valued at between €1.07bn and €1.29bn (£770m-£930m) when it floats in Amsterdam later this month.
The offer period for the Innocent and Del Monte bottler IPO kicked off today at between €13 and €16 per share, with its stock market debut expected on 27 March.
A maximum of 47% of the company is being floated, valuing the available shares at between €577m and €683m.
Refresco plumped to list on Amsterdam’s Euronext exchange in preference to a private equity sale having run a dual track sales process since last summer. The IPO will value Refresco at five to six times its full year adjusted EBITDA of €208.2m, lower than the €1.5bn-€1.7bn price tag being touted in the media when investors including Blackstone and Lion Capital were rumoured to be preparing bids.
Around €100m of the proceeds will be raised via new shares and will be partly used to pay off debt, while the balance consists of the existing shares held by investors including private equity firm 3i (which owns 15.4% of the firm).
Hans Roelofs, CEO of Refresco Gerber commented called the listing a “milestone” and “an important step that will enable us to continue our ambitious plans to provide a high quality bottling platform that meets our customer needs in each of the countries they operate.”
“We have received positive feedback from the investment community on Refresco Gerber’s robust business model and ability to combine private label production with co-packing for branded customers.”
Earlier this month Refresco announced a 28% rise in revenues to €5.96bn and full year adjusted EBITDA was €208.2m compared to €139.7m in 2013. The revenue increase was attributed to the effects of the merger, partially offset by lower underlying volumes and slightly declining raw material prices.
The company was formed in 2013 from the merger of UK-based Gerber Emig and Dutch bottler Refresco.