Ardagh Raises US$319 million in NY Flotation With Interest from Citadel Securities

27 March 2017 --- Following the recent floatation of Irish packaging company Ardagh, Citadel Securities has invested with a 6.9% passive stake in the Group.

After going public on the New York Stock Exchange earlier in March, the glass and metal containers giant - which has now closed its floatation - saw US$319 million net proceeds raised.

The market making business Citadel Securities opened an office in Dublin recently and began trading in the Irish capital in February with its key focus on equities, trading options and Exchange Traded Funds (ETFs). 

When Ardagh listed earlier in March, there was a shares spike by more than 21% on the first day of trading which then fell back. 

Announcing the closing of its initial public offering, Ardagh Group made a statement. 

“Ardagh Group announced the closing of its previously announced initial public offering of 16,200,000 Class A common shares at US$19.00 per share, as well as the sale of an additional 2,430,000 Class A common shares pursuant to the exercise in full of the option granted to the underwriters to purchase additional Class A common shares. Following completion of this offering, Ardagh has 236,326,000 shares in issue, comprising 18,630,000 Class A common shares and 217,696,000 Class B common shares,” it says. 

“Net proceeds to the Group from the offering and the exercise of the underwriters’ option to purchase additional Class A common shares, were approximately US$319 million, after deducting underwriting discounts and commissions and other offering expenses.”

Ardagh chairman Paul Coulson was reportedly planning a flotation for several years after taking the company private in 2003.