Reynolds Wrap Maker Backed by Rank Group Files for U.S. IPO
Reynolds Wrap Maker Files for IPO, to Seek Nasdaq Listing
(Bloomberg) -- Reynolds Consumer Products Inc., the maker of Reynolds Wrap aluminum foil and Hefty trash bags, has filed for a U.S. initial public offering.
The company in its filing Friday listed the size of the offering as $100 million, a placeholder used to calculate fees that will likely change. The number of shares and the price range for them haven’t been decided yet, the company said in a statement.
The company, backed by New Zealand billionaire Graeme Hart’s Rank Group Ltd., said in a statement in September that it had confidentially submitted its IPO registration to the U.S. Securities and Exchange Commission.
Read More: Reynolds Touts Presence in Nearly All Households: IPO Tearsheet
Companies have raised $2.93 billion in 31 IPOs on U.S. exchanges so far this quarter, compared with 29 raising $5.78 billion during the same period last year, according to data compiled by Bloomberg. Canadian waste management firm GFL Environmental Inc. this month canceled an IPO that targeted a listing of as much as $2.1 billion. That followed the spectacular flop of WeWork’s share-sale plans, which were officially withdrawn in late September.
The Reynolds offering is being led by Credit Suisse Group AG, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company, based in Lake Forest, Illinois, plans to list its shares on Nasdaq under the symbol REYN, according to the filing.
To contact the reporters on this story: Anne Riley Moffat in New York at ariley17@bloomberg.net;Crystal Tse in New York at ctse44@bloomberg.net
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew Monks
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