Reynolds Consumer IPO may value company at over $5 billion
Reynolds Consumer Products REYN, +0.00% set terms of its initial public offering Tuesday, to raise up to $1.32 billion and to value the consumer products company at up to $5.07 billion. The company, which brands include Reynolds Wrap, Hefty and Alcan, said it will offer 47.17 million shares in the IPO, which is expected to price between $25 and $28 a share. The company said there will be 202.63 million shares outstanding after the IPO.
Morgan, exercise all the options to buy additional shares, Reynolds Consumer could raise up to $1.52 billion. The company recorded net income of $135 million on revenue of $2.20 billion over the nine months ended Sept. 30, compared with net income of $92 million on revenue of $2.24 billion in the same period a year ago. The company is looking to go public at a time that the Renaissance IPO ETF IPO, -0.45% has rallied 17.
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