Mixed bag

Graeme Hart’s US Food packaging manufacturer and distributor Pactiv Evergreen has put in a mixed performance since listing on the Nasdaq last month.

The stock was off to a slow start in midSeptember, falling to $US10.93 ($NZ16.48) from its $US14 initial public offer price, which was well below the expected IPO range of $US18 to $US21 a share.

Pactiv Evergreen rebounded to $US14.41 midway through this month, but last traded back down at $US12.79.

The company offered 41.03 million shares in the IPO. Mr Hart, who owns Rank Group, agreed to buy 3.6 million shares for about $US50 million. — The New Zealand Herald