Swiss packaging maker SIG Combibloc is preparing an autumn stock market listing in Zurich that could value it at about 4.5 billion euros (US$5.5 billion), sources told Reuters. Its Canadian private equity owner Onex Corp has hired Rothschild as an IPO adviser, and other investment banks have also been contacted regarding their interest in helping organize a potential deal. SIG, which makes cartons for beverages and food, was acquired by Onex in 2015 from New Zealand billionaire Graeme Hart in a deal valued at 3.75 billion euros (US$4.62 billion).
Stone Canyon Industries is considering taking its packaging unit, SCI PH Inc, public, Bloomberg is reporting. Stone Canyon, a closely held investment firm whose backers include billionaire investor Michael Milken, is in talks with advisers about a U.S. IPO, the story said. SCI PH produces about $700 million EBITDA and could be valued at more than $8 billion, Bloomberg said.
Higher oil prices and a positive earnings outlook for energy companies are expected to fuel a rebound in North American oil and gas initial public offerings in 2018, with bankers betting investors will remain optimistic about the sector even if the broader stock market remains volatile, Reuters reported. IPOs in the United States and Canada could reach their highest in four years, and oilfield services companies are seen leading the recovery, given their pressing capital needs. Potential Canadian exploration and production candidates for IPO include Canbriam Energy and Velvet Energy, two sources said. Calgary's Canbriam and Velvet are both private equity-backed.
Chinese drug developer Hua Medicine is planning to raise at least $400 million in an initial public offering in Hong Kong in the latest in a series of biotech floats in the city, sources told Reuters.
Univision Holdings Inc has filed to withdraw its pending initial public offering, according to an SEC filing. Univision, which filed plans to go public in 2015, cited “prevailing market conditions” for pulling the IPO, the filing said. An investor group including Madison Dearborn Partners, TPG, Providence Equity Partners and Thomas H. Lee Partners, acquired Univision in 2006 for $13.7 billion.
Spotify Technology SA filed Feb. 28 to list its shares on the New York Stock Exchange. The online streaming service said its offering could raise as much as $1 billion and that it plans to trade under the ticker “SPOT.” Spotify is pursuing a direct listing of its shares and no underwriters are listed in the S-1. The company’s founders own the largest stakes. CEO and Co-Founder Daniel Elk owns 25.7 percent of ordinary shares and 37.3 percent of total voting power. Martin Lorentzon, co-founder, holds 13.2 percent of ordinary shares and 43.1 percent total voting power.
Forum Merger Corp, a blank check company, and ConvergeOne Inc, an IT services provider of collaboration and technology solutions, has closed its previously announced merger. No financial terms were disclosed. Also, Forum has changed its name to Converge One, which will start trading February 23, 2018 on the NASDAQ under the ticker symbol "CVON." ConvergeOne is a portfolio company of Clearlake Capital.
Cleveland-based Victory Capital Holdings Inc, an asset management firm, has raised $152.1 million for its IPO after pricing its 11.7 million shares at $13 per share. The stock began trading February 8, 2018 on the NASDAQ under the ticker symbol "VCTR." J.P. Morgan, BofA Merrill Lynch and Morgan Stanley are the lead underwriters. Victory Capital is backed by Crestview Partners and Reverence Capital Partners.
Pinnacle Renewable Holdings Inc, a Richmond, British Columbia-based industrial wood pellet maker and distributor, has closed its initial public offering and secondary offering, raising $150 million. The company's shares will begin trading today on the Toronto Stock Exchange under the symbol PL. The IPO's greenshoe option may increase proceeds to more than $172 million. ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, effected capital changes prior to the close, giving ONCAP control over 42.9 percent of Pinnacle's outstanding common shares. ONCAP acquired a majority stake in the company in 2011.
Fort Worth, Texas-based FTS International, a provider of hydraulic fracturing services, has debuted its IPO of 19.5 million shares at $18 per share. The stock began trading February 2, 2018 on the New York Stock Exchange under the ticker symbol “FTSI.” Credit Suisse and Morgan Stanley are the lead underwriters. FTSI’s backers include RRJ Capital and Temasek.