Pactiv Evergreen shares fall 9% in Nasdaq debut
Adds background, valuation
Sept 17 (Reuters) - Shares of beverage and food packaging company Pactiv Evergreen Inc PTVE.O fell 9% on Thursday in their Nasdaq debut, after the company raised $574.4 million in its initial public offering.
The shares opened at $12.75, giving the company a valuation of $2.24 billion, compared with the IPO price of $14 per share. Lake Forest, Illinois-based Pactiv produces and supplies food merchandising products and fresh beverage cartons to some of the major U.S. foodservice chains like McDonald's Corp MCD.N, Starbucks Corp SBUX.O, Shake Shack Inc SHAK.N and retailers like Walmart Inc WMT.N.
For the six months ended June 30, the company posted a revenue of $3.26 billion, down 9.3% from a year ago. Net income was $93 million for the same period from a net loss of 24 million a year earlier.
Credit Suisse Securities, Citigroup Global Markets, Bofa Securities and Goldman Sachs were the lead underwriters of the IPO.
(Reporting by Madhvi Pokhriyal in Bengaluru; Editing by Shailesh Kuber)
((Madhvi.Pokhriyal@thomsonreuters.com; Outside the U.S. + 9620394604))
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