(Reuters) - Shares of beverage and food packaging company Pactiv Evergreen Inc (O:PTVE) 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 (N:MCD), Starbucks Corp (O:SBUX), Shake Shack Inc (N:SHAK) and retailers like Walmart Inc (N:WMT).
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 (SIX:CSGN) Securities, Citigroup (NYSE:C) Global Markets, Bofa Securities and Goldman Sachs (NYSE:GS) were the lead underwriters of the IPO.