June 28, 2019 / 7:14 AM / 19 days ago

Packaging maker Aluflexpack's shares rise after Swiss IPO

ZURICH, June 28 (Reuters) - Shares in Aluflexpack rose more than 5% in early trading as the packaging maker made its trading debut on the SIX Swiss Exchange on Friday.

The stock touched a high of 22.245 Swiss francs, up from the issue price of 21 set in the initial public offering, before paring gains to trade up 4.8% by 0710 GMT.

The total issuance volume from the offering was pegged at approximately 169 million Swiss francs ($173 million) by issuing 7.3 million new shares plus a 10 percent over-allotment option.

At a share price of 21 francs, the company had an initial capitalisation of 363.3 million francs, with a 46.4 percent free float if the over-allotment option was fully exercised.

Aluflexpack, with operations located across Europe including Croatia, Turkey and Poland, has said it would use IPO proceeds to expand production capacity in Europe and production automation, make takeovers, and repay shareholder loans.

Just before the IPO, it suffered a setback when a fire at French facilities on June 24 forced it to shift production elsewhere. ($1 = 0.9747 Swiss francs) (Reporting by John Miller; Editing by Michael Shields)

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