IPL Plastics Inc. completes C$178.2M initial public offering
June 28, 2018
178.20 Million CAD
On June 28, 2018, IPL Plastics Inc. closed its initial public offering of 13,200,000 common shares at a price of C$13.50 per share for gross proceeds of C$178.2 million. The underwriters have also been granted an over-allotment option to purchase, for a period of 30 days from the closing date, up to an additional 1,980,000 shares for additional gross proceeds of C$26.73 million. IPL Plastics began trading on the Toronto Stock Exchange ("TSX") under the ticker TSX:IPLP on the same day as the closing.
The underwriters were led by BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets, acting as joint bookrunners, and included National Bank Financial Inc., J&E Davy, Goodbody Stockbrokers UC, Desjardins Securities Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., and Laurentian Bank Securities Inc.
IPL Plastics is a leading provider of sustainable packaging solutions focused on the food and consumer, agricultural, logistic and environmental end-markets. Headquartered in Dublin and Montreal, it operates in Canada, the United States, the United Kingdom, Ireland, China and Mexico.
McCarthy Tétrault LLP advised the underwriters with a team led by Clemens Mayr that included Hadrien Montagne, François Dupuis, Jessica Rousseau, Myreille Gilbert, Étienne Guertin and Isabelle Nazon (Business), Christian Meighen and Alexandra Carbone (Tax), Mary Pagonis and Matthew Pekofsky (Real Property), Diana Theophilopoulos (Labour & Employment), Cindy Vaillancourt and Martin Thiboutot (Environmental), and Véronique Wattiez Larose and Mylène Mastrostefano (Intellectual Property).