Packaging conglomerate Ardagh Group has held an initial public offering of its shares at the New York Stock Exchange (NYSE) today.
Last night the company priced its long-awaited IPO at $19 per share in a listing of around 7% of the company on the NYSE.
The Luxembourg-based supplier of glass and metal containers, controlled by Irish businessman Paul Coulson, had announced - and then delayed - a stock market debut several times.
But it said last month that it intended to float this quarter.
Ardagh said in a statement it intends to sell 16.2 million class A common shares, representing approximately 6.9% of its share capital, to raise $307.8m.
The deal's underwriters may also exercise an option to purchase up to 2.4 million additional shares.
Ardagh, which has been manufacturing Dutch brewer Heineken's iconic green beer bottles for over 25 years, has said it will use the proceeds of the IPO to pay down debt which stood at $7.2 billion or over five times its annual earnings last year.
The packaging producer, which also counts L'Oreal and Coca-Cola among its clients, has grown its annual revenue to €7.7 billion through a series of acquisitions.
Paul Coulson said last month that while the funds to be raised in the IPO would be relatively modest, becoming a publicly-traded company was a "very logical progression" for the company he has transformed from a small, single plant to one that operates out of over 100 facilities in 22 countries.
