Nov. 7 (Bloomberg) -- Pact Group Industries Pty, the Australian packaging maker controlled by Raphael Geminder, is pursuing an initial public offering that may raise more than A$650 million ($616 million) this year, a person with knowledge of the matter said.
Pact and its advisers will begin meeting investors next week and publish a prospectus for the IPO before the end of the month, said the person, who asked not to be identified as the details are private. Geminder plans to keep about a 40 percent stake in the packaging group, according to the person.
The Melbourne-based company was once part of the closely held Visy Industries recycling business controlled by late Australian billionaire Richard Pratt, whose daughter Fiona is married to Geminder. It was formed in June 2002 and has plants producing packaging for food, dairy, beverage, chemical and industrial uses in Australia, New Zealand and Asia, according to its website.
The packaging group raised $885 million in senior debt in May, according to a June 3 statement from Standard & Poor’s.
Macquarie Group Ltd., Credit Suisse Group AG and Deutsche Bank AG are advising Pact on the IPO, the person said. Geminder considered a sale of about 50 percent of the company last year, people familiar with the matter said in June 2012.
Pact’s IPO plans were reported earlier today by the Wall Street Journal.
To contact the reporter on this story: Brett Foley in Melbourne at email@example.com
To contact the editor responsible for this story: Philip Lagerkranser at firstname.lastname@example.org