CDPQ and Fonds-backed IPLP shoots for $180 mln from IPO

IPL Plastics Inc (IPLP), a Montréal-based packaging solutions provider, has priced its proposed initial public offering of common shares at between $13.50 and $16 per unit. This will generate proceeds of about $180 million, not including the greenshoe option. With the IPO's close, IPLP backers Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ will respectively hold stakes of 28 percent to 28.9 percent and 6 percent to 6.2 percent. CDPQ and the Fonds have invested in the company's affiliate, Ireland's IPL Plastics plc, since 2015, when as One51 plc it acquired Saint-Damien Québec-based IPL Inc from Novacap for about $280 million.

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