Saint-Gobain Launches Verallia IPO

France's Compagnie de Saint-Gobain SA on Tuesday launched an initial public offering of its unit Verallia, which manufactures glass bottles and jars, as part of an effort to focus its activities on building materials.

Saint-Gobain plans to raise between €785 million and €958 million ($1.14 billion to $1.4 billion) from the spinoff, the company said in a statement. Shares of Verallia will be put on sale at an indicative price of between €29.50 and €36.

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