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Ardagh plans IPO in New York this quarter -chairman

Reuters - UK Focus

DUBLIN, Feb 23 (Reuters) - Packaging conglomerate Ardagh Group is well advanced with plans to launch an initial public offering (IPO) and intends to float on the New (KOSDAQ: 160550.KQ - news) York Stock Exchange later this quarter, chairman Paul Coulson said on Thursday.

The Luxemburg-based supplier of glass and metal containers, controlled by Irish billionaire Coulson, said last year that it planned to list its operating company, but would only float around 5 percent – equating to just 250 million to 300 million euros.

"The process with the IPO is well advanced and our objective is to IPO on the New York Stock Exchange later this quarter. As previously outlined, whilst the funds to be raised in the IPO are expected to be relatively modest and used for deleveraging, becoming a publicly listed company represents a very logical progression," Coulson told an investor call. (Reporting by Padraic Halpin; Editing by Susan Fenton)