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The Concord Township-based company, which makes environmentally sustainable packaging products for e-commerce and industrial supply chains, said underwriters of the offering have exercised in full their over-allotment option. As a result, Ranpak expects gross proceeds of about $110.3 million, compared with the previous estimate of $95 million.
Ranpak set to raise nearly $95 million in public offering
Ranpak set to raise nearly $95 million in public offering
Ranpak website
Ranpak Holdings Corp. (NYSE: PACK), which makes environmentally sustainable packaging products for e-commerce and industrial supply chains, expects to net nearly $95 million in a public offering of 5 million shares of Class A common stock.
The Concord Township-based company said in a news release late Wednesday, May 26, that the stock will be offered at a price of $21 per share, for gross proceeds of about $94.5 million to the company and about $10.5 million to certain selling security holders. The offering consists of 4.5 million shares being offered by Ranpak and 500,000 shares being offered by the security holders.