Can it: Ardagh spinoff Oressa files for an IPO that could raise $300

Oressa, the metal can packaging division of Ardagh Group, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO that we estimate could raise $300 million.

Oressa competes with Crown Holdings (NYSE: CCK) and Silgan Holdings (NASDAQ: SLGN). Another global consumer packaging company, Albea (ABEA), has been on file for a $150 million IPO since July 2014, though it last updated its filing in September.

The London, United Kingdom-based company, which traces its roots to Ardagh's founding in 1932 and booked €1.9 billion in sales for the 12 months ended December 31, 2014, plans to list on the NYSE under the symbol ORES. Citi is currently listed as the sole bookrunner on the deal. No pricing terms were disclosed.