Verallia counts Pernod Ricard, champagne house Dom Perignon and chocolate spreads maker Nutella among its clients.BUYOUT group Apollo is preparing French glass bottle maker Verallia for a stock market listing later this year, in what could become one of the largest French initial public offerings of the year, people close to the matter said.
While so-called global coordinators are expected to be mandated later this month or in May, the IPO of Saint-Gobain's former glass bottle unit, in which Apollo bought a controlling stake in 2015, may take place in September or later, they said.France has seen few IPOs recently and some deals, such as that of logis-tics firm Gefco, have been pulled due to wobbly market conditions. Tourism group Club Med's parent chose Hong Kong for its listing.
Verallia is expected to post core earnings of roughly 550 million euros this year and could be valued at between seven and eight times that in a potential IPO, the sources said.Apollo bought the majority of Verallia in a 2015 deal valuing the business at 2.95 billion euros. It made 16 billion glass bottles and jars last year and is the main supplier of bottles for France's champagne and cognac industries.
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