IPL Plastics said to seek €125m in Canadian IPO
Former One51 is targeting a better valuation by listing in Canada
IPL Plastics chief executive Alan Walsh, Photograph: Dara Mac Dónaill / The Irish Times
Ireland’s IPL Plastics is understood to be aiming to raise about C$200 million (€125 million) in its Canadian initial public offering.
The company, formerly known as One51, is backed is also backed by the Caisse de Depot et Placement du Quebec, Canada’s second-largest pension fund, and Fonds de Solidarite FTQ.
IPL will establish a holding company in Canada in order to list in the country but will remain headquartered in Dublin after the share sale, it is understood, and has hired Bank of Montreal, Canadian Imperial Bank of Commerce and Royal Bank of Canada to lead the share sale later this year.
A representative for IPL declined to comment. Representatives for BMO, CIBC and RBC didn’t immediately respond to requests for comment.
It’s understood that IPL’s owners believe they can get a better valuation for the company in an IPO in Canada. In 2015, One51 and its Canadian partners acquired IPL, a manufacturing company based in Saint-Damien, Quebec, for C$250 million. One51’s shareholders approved a plan in December to reorganize the company and change its name to IPL Plastics ahead of the IPO.
The company was founded in 1939 as a small household goods manufacturer and has since grown into a maker of rigid plastics for packaging, environmental containers and industrial products, according to its website. It has about 1,900 employees and operations in the UK and China, as well as in Canada and the US.