Pact Group lists on ASX

pactLogoPact Group Holdings Ltd (“Pact” or “the company”; ASX: PGH) has today allotted shares under its initial public offering (“offer”) and commenced trading on the ASX on a deferred settlement basis.

Under its offer, Pact raised approximately $649 million based on a share price of $3.80 per share. The offer was priced at a FY14 EV/EBITDA multiple of 8.5x and a FY14 P/E multiple of 13.4x, implying an enterprise value of $1,720.6 million and an equity value of $1,117.6 million.

The IPO of Pact represented:
• The largest IPO in the Australian market in 2013
• The second largest packaging IPO ever completed globally

Pact Chairman, Raphael Geminder, said: “Pact is pleased with the support we’ve received from investors and the market, making this the largest IPO of the year. Management is energised about transitioning the company from a private company to a publicly listed company and we are 100% focused on delivering our half year numbers to the market next year.”

Pact Chief Executive, Brian Cridland, said: “Our growth strategy is focused on delivering tailored packaging solutions to our clients to help them differentiate their brands and win on shelf. We will continue to invest in innovation and technology that complements our customers’ products and improves consumer experiences in everyday life. We will also pursue further efficiencies, operational improvements and disciplined acquisitions where they make sense and deliver returns for our shareholders.”

Holding statements are expected to be dispatched by 5:00pm Wednesday, 18 December 2013 with normal trading expected to commence on Thursday, 19 December 2013.

Credit Suisse (Australia) Limited and Macquarie Capital (Australia) Limited acted as joint lead managers, joint bookrunners and underwriters to the offer, while Herbert Smith Freehills acted as Pact’s legal adviser.

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