Reynolds Wrap parent goes public with consumer products IPO
Reynolds Consumer will trade on the Nasdaq under the symbol REYN
If you are familiar with Reynolds Wrap or Hefty trash bags, then you know Reynolds Consumer Products.
The company has wrapped its portfolio into a initial public offering that could raise up to $1.52 billion.
Reynolds offered just over 47 million shares at $26 per share, on the low side of the initial price range of $25-$28 per share, according to a regulatory filing.
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That would value Reynolds at $5.3 billion.
The company sells cooking products, waste and storage products through brands including Reynolds and Hefty.
Reynolds Consumer will trade on the Nasdaq under the symbol REYN.
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Just over three quarters of the company's voting power will be controlled by New Zealand billionaire Graeme Hart.
Hart's investment firm, Rank Group, bought Alcoa's packaging and consumer businesses in 2008, which later became Reynolds Consumer Products.For 2019, according to Reuters.
Reynolds said it expects net income to be between $220 million and $224 million, up from $176 million in 2018.
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Credit Suisse, Goldman Sachs and J.P. Morgan are the leading underwriting banks on the IPO.