By Geoff Percival
A fall in peer group stocks has led Dublin-based IPL Plastics to price its shares for its Canadian flotation at the bottom of its recently guided price range.
The company, formerly One 51, yesterday priced its 13.2 million shares, due to go live on the Toronto Stock Exchange next week, at Can$13.50, meaning it has raised Can$178m (€115m) from the IPO.
IPL had guided a price range of Can$13.50-Can$16 for the stock. However, it also said it would be heavily guided by market conditions and peer group share values in its final pricing.
Shares in rivals such as RPC and Berry have slumped in recent days and weeks and investors have become nervous over escalating fears of a trade war between the US and China and EU plans for single-use plastic products.
IPL recently said it would look to move on a number of acquisition opportunities in continental Europe after completing its IPO, as it looks to build a larger presence on this side of the Atlantic and balance its geographical spread, which is largely tilted towards North American market at present.