Pactiv Evergreen: Extends fall after market debut amid broader sell-off

Pactiv Evergreen

17/09/2020 17:51

(Updates)
    ** Beverage and food packaging company's shares  PTVE.O 
fall as much as 23% to $10.76 in their Nasdaq debut; last down
19.5%
    ** Stock opens at $12.75/shr vs. IPO price of $14/shr
    ** PTVE raises $574.4 mln after pricing its offering of ~41
mln shares below the target range of $18 to $21 per share
 urn:newsml:reuters.com:*:nBwy0TqGa
    ** The opening price valued the firm at $2.24 bln
    ** The company counts U.S. foodservice chains Mcdonalds
 MCD.N  and Starbucks  SBUX.O  among its customers
    ** Credit Suisse Securities, Citigroup Global Markets, Bofa
Securities and Goldman Sachs were the lead underwriters of the
IPO

 (Reporting by Madhvi Pokhriyal in Bengaluru)
 ((Madhvi.pokhriyal@thomsonreuters.com))