Pact plans $649m IPO

Raphael Geminder's packaging business, Pact Group, plans to raise $649 million under its initial public offering. In a prospectus lodged with ASIC, Pact will sell shares at $3.80 each. On listing, Mr Geminder will remain a key shareholder with a 40 per cent stake. Pact

is forecast to generate $1.1 billion of sales

this year.