Irish paper packaging maker Smurfit Kappa said it had sold a further 11.8 million shares in the company under an over-allotment option as part of its flotation on the Irish Stock Exchange.
Having raised €1.3 billion earlier this week in an initial public offering valuing it at €3.4 billion, the company said in a statement today that the extra shares meant it had now raised €1.495 billion.
The firm, one of the world's biggest makers of packaging made from paper and cardboard, said it had now sold 90.6 million of its 217.4 million shares, bringing Smurfit Kappa's free float to about 41.7 percent of issued share capital.
Smurfit Kappa was formed in 2005 by the merger of Ireland's Jefferson Smurfit and Dutch-based Kappa Packaging and floated this week by its owners - private equity firms Madison Dearborn Partners, Cinven and CVC and management.
Shares in the company were down 1 per cent at €18.56 in London by 0944 GMT but still comfortably above their IPO pricing of €16.50.
Smurfit has said it would use the proceeds to buy back some of its high-yield bonds. It plans to buy back any or all of its 11.5 per cent 2015 payment-in-kind notes, of which €392 million are outstanding.
Ratings agencies Moody's Investors Service, Standard & Poor's and Fitch Ratings are considering raising Smurfit Kappa's ratings as a result of the IPO.
Deutsche Bank is acting as global coordinator of Smurfit's stock market listing, with Citigroup, Ireland's Davy, Deutsche Bank and Goldman Sachs acting as joint bookrunners.