Pactiv Evergreen shares fall 9% in Nasdaq debut (updated)

Pactiv Evergreen

17/09/2020 16:18

(Adds background, valuation)
    Sept 17 (Reuters) - Shares of beverage and food packaging
company Pactiv Evergreen Inc  PTVE.O  fell 9% on Thursday in
their Nasdaq debut, after the company raised $574.4 million in
its initial public offering.
    The shares opened at $12.75, giving the company a valuation
of $2.24 billion, compared with the IPO price of $14 per share.
    Lake Forest, Illinois-based Pactiv produces and supplies
food merchandising products and fresh beverage cartons to some
of the major U.S. foodservice chains like McDonald's Corp
 MCD.N , Starbucks Corp  SBUX.O , Shake Shack Inc   SHAK.N  and
retailers like Walmart Inc  WMT.N .
    For the six months ended June 30, the company posted a
revenue of $3.26 billion, down 9.3% from a year ago. Net income
was $93 million for the same period from a net loss of 24
million a year earlier.
    Credit Suisse Securities, Citigroup Global Markets, Bofa
Securities and Goldman Sachs were the lead underwriters of the
IPO. 

 (Reporting by Madhvi Pokhriyal in Bengaluru; Editing by
Shailesh Kuber)
 ((Madhvi.Pokhriyal@thomsonreuters.com; Outside the U.S. +
9620394604))