Paper and packaging group Smurfit Kappa has joined the Dublin stock market again this morning in a flotation which values the company at €3.4 billion.
The shares were priced at €16.50 and Smurfit Kappa will be among the top ten biggest companies trading on the Dublin market.
Smurfit was taken private by Madison Dearborn in 2002. It merged with Dutch group Kappa two years ago.
The group says it will use the funds raised in the flotation to pay off some of its debt. Existing shareholders did not sell any of their shares and have agreed not to do so for 180 days after the company lists.
The shares are expected to start official trading in Dublin on March 20, but conditional trading started today on what is known on the grey market. The shares made a strong start today, closing up 98 cent at €17.48 this evening - a climb of 6%.
Smurfit Kappa chief executive Gary McGann said the share offering had seen substantial interest from institutional investors in Ireland, Europe and the US and was 'significantly oversubscribed'.
