Reynolds Prepares to Sell Up to $1.3 Billion in U.S. IPO

( Bloomberg)– Reynolds Consumer Products Inc., the maker of Reynolds Wrap aluminum foil and Large trash bags, set the terms for a proposed U.S. going public that could raise as much as $1.3 billion.

The business plans to offer 47.17 million shares at an estimated cost series of $25 to $28 each, it said in a regulative filing Tuesday. It also added Academy Securities Inc. to a junior role on the offer, bringing the total variety of arrangers to 11.

With the offering, Reynolds will be an unusual example of a family items maker testing the general public markets. The business behind the eponymous wrapper released to customers in 1947 is backed by New Zealand billionaire Graeme Hart’s Rank Group.

For the nine months ended Sept. 30, Reynolds stated it had net income of $135 million on income of $2.2 billion, according to the filing. It prepares to utilize some of the profits to repay financial obligation and for general business functions.

So far it’s been a quiet start to the year for brand-new listings in the U.S., with just $429 million raised through IPOs, according to information compiled by Bloomberg. Chinese e-commerce operator Phoenix Tree Holdings Ltd., among the very first market debuts in 2020, closed flat on its very first trading day last week.

In November, Canadian waste management company GFL Environmental Inc. canceled an IPO that targeted as much as $2.1 billion. That followed the spectacular flop of WeWork’s share-sale plans, which were officially withdrawn in late September.

The Reynolds offering is being led by Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The business, based in Lake Forest, Illinois, plans to list its shares on Nasdaq under the symbol REYN, according to the filing.

( Includes financier info in third and 4th paragraphs.)

— With support from Jonathan Roeder.

To call the press reporter on this story: Ben Scent in London at bscent@bloomberg.net

To get in touch with the editors accountable for this story: Ben Scent at bscent@bloomberg.net, Eric Pfanner, Lisa Wolfson

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