Ardagh scraps plans to raise private equity before 2015 IPO

DUBLIN Wed May 28, 2014 10:32am EDT

DUBLIN May 28 (Reuters) - Irish packaging company Ardagh Group plans to hold its long-planned initial public offering (IPO) in the United States in the second half of 2015 and will not seek to raise private equity ahead of the share sale, its chairman said on Wednesday.

"We have concluded that although private equity is available to us, it is in our best interests to proceed exclusively with an IPO in the second half of 2015," chairman Paul Coulson told an investor conference call.

"Detailed planning for the listing of our shares in the U.S. is currently underway," he said. (Reporting by Conor Humphries; Editing by Pravin Char)