What was previously SCA’s local arm, Asaleo Care had a flat debut on the Australian stockmarket when it listed on 27 June. Marginally down on the issue price of $1.65, the company’s shares did trade a little higher in early trade.
The Australian Financial Review’s (AFR) Vanessa Desloires reported (28 June) that ‘the owner of household brands including Sorbent, Libra, Handee and Deeko raised $657 million in the float.
‘Private equity firm PEP sold its entire 50 percent stake through the initial public offering, while Swedish paper products giant SCA cut its stake from 50 percent to 32.7 percent.’
SCA placed its shares in escrow until the company’s full year results are released to the market for the 2014 calendar year. ‘Management shareholders, of which chief executive Peter Diplaris has the largest stake, also placed their combined 1.5 percent shareholdings into escrow.
Mr Diplaris holds more than three million shares, currently worth about $5.5 million,’ noted the AFR.
‘The Asaleo float is the largest Australian forestry and paper sector initial public offering on record, and the second biggest IPO this year,’ according to Dealogic. It sits behind the Spotless Group, which raised $930 million, and was also formerly owned by PEP.