Global container glass manufacturer Verallia has hailed the success of its Initial Public Offering (IPO).

The company launched itself on Euronext Paris and said the IPO was a great success with French and international institutional investors.

The IPO raised €888 million including €838 million sold by Horizon Parent Holdings, which is 90%-owned by AIF VII Euro Leverage, an investment fund managed by an affiliate of Verallia’s owner, Apollo Global Management

It was the largest IPO in France since 2017, which raised €1.2bn. Verallia is the third-largest glass manufacturer in the world, producing 16bn bottles and jars while generating €2.4bn in revenues last year.

It operates from 32 factories across 11 countries and will use the funds to expand into what it says is an undersupplied market.

“In Europe the market is quite tight and there is a shortage of capacity. We will use this IPO to make acquisitions and expand,” said Verallia chief executive officer Michel Giannuzzi.

Apollo now owns roughly 55% of the business with the next two largest shareholders being BWGI Brazil with 8.6% and BPI with 7.3%.

Based on an offering price set at €27 per share, Verallia’s market capitalisation is €3.2 billion.