Elopak aims for IPO in June
The company said the initial public offering (IPO) will ensure access to capital markets to support the company's innovation and growth ambitions.
Elopak develops and produces carton packaging and filling machines, including in the beverages and liquid food segment. It sells 14bn cartons annually, in more than 70 markets worldwide. Elopak said an IPO will ensure sufficient access to capital and support its expansion into new markets, further investments in new products and technology, and potential acquisitions. Stricter regulations for plastic packaging, increased consumer demand for sustainable products and growing efforts to transition to a low carbon circular economy are important market drivers shaping the company’s plans.
“Elopak’s vision is to be chosen by people, packaged by nature. We are constantly innovating and investing in market-leading technology to develop high quality sustainable packaging solutions that deliver convenience for the consumer and ensure product safety,” said Thomas Körmendi, Elopak CEO.
“Building on more than 60 years of experience, Elopak’s iconic Pure-Pak cartons are well positioned to support the transition to a low carbon circular economy and meet the growing demand for sustainable alternatives to plastic bottles.”
He said the Ferd Group, which owns Elopak, intends to remain an active and committed shareholder after the IPO.
Elopak’s 2020 revenues were €909m ($1.1bn), with an EBITDA margin of 13.5%. The positive momentum has continued into 2021, the company said, and it achieved an adjusted EBITDA margin of 14.5% in Q1 2021, compared to 12.3% for the same period in 2020.
The listing will include a combination of new shares and sale of existing shares from Ferd. Elopak said Nippon Paper Industries Co. Ltd, the largest liquid packaging company in Japan, has entered into a cornerstone agreement to acquire shares in the offering, equivalent to 5% of the share capital of Elopak ASA, at the final offer price.
The date for the first day of trading has not been set, but the company is aiming for a listing in June.