Drinks company C&C set a price range of €2.26 to €2.74 per share today for a stock market float that will value the company at around €800 million.
C&C, the Irish owner of Bulmers cider and Ballygowan water, comes to the London and Dublin markets two years after shelving a planned initial public offering (IPO) due to weak demand. It joins a growing list of firms that are cashing in on returning investor confidence.
Analysts have forecast plenty of interest for only the second Irish IPO in three years after telecoms operator Eircom earlier this year but say that pricing is key. C&C's abortive 2002 flotation had a price range of €2.60 to €3.60 per share.
Chief Executive Maurice Pratt said investors would be able "to participate in the future growth of one of the largest manufacturers, marketers and distributors of branded beverages in Ireland and Northern Ireland and savoury snacks in Ireland".
Under the terms of the offer, 176 million ordinary shares worth around €440 million will be issued to institutional investors, with an over-allotment option of up to 10 per cent. The shares will begin conditional trading on May 14th.
C&C owns Tayto crisps in Ireland and exports spirits and liqueurs including Tullamore Dew whiskey and Irish Mist.