IPL Plastics Shares Drop In Early Hours Of Trading After Canadian IPO
IPL Plastics' shares fell slightly in their first hours of trading yesterday (Thursday 28 June) after the group completed its Canadian IPO, the Irish Independent reports.
Shares fell more than 1.3% after just three and a half hours, as IPL raised CAD$178.2 million (€116 million) as part of the deal.
In mid-May, the sustainable packaging solutions provider for food and consumer, agricultural, logistics and environmental end-markets said that it intends to use acquisitions to expand its manufacturing presence into new countries in Continental Europe.
"One of the reasons for doing an IPO was to give us a currency that we could use to do other things if the opportunities arise," said chief executive Alan Walsh.
"If it's a smaller deal, we can self-finance with bank facilities. If there is a bigger opportunity out there, we will have a currency. We wouldn't be inhibited from pursuing anything that we're looking at."
IPL said that it might return to Ciasse de Depot el Placement, one of its largest shareholders, for financing support if a larger acquisition opportunity comes up.
The Dublin-based plastic company announced its indicative price range by the end of May.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.