NEW YORK (Reuters) – Reynolds Consumer Products (REYN.O), the maker of Reynolds Wrap tin foil, raised around $1.2 billion in its initial public offering on Thursday, braving stock market volatility fueled by concerns over the spread of a coronavirus.

It is the first U.S. IPO in 2020 to raise more than $1 billion and leaves the door open for more large offerings, after the lackluster performance of some high-profile stock market debuts last year, such as ride-hailing company Uber Technologies (UBER.N) and online dentistry company SmileDirectClub (SDC.O), soured investor appetite.

Reynolds priced its IPO at $26 per share, at the low end of its indicated price range of $25-$28 per share. That values the company at around $5.3 billion, excluding its $2.4 billion debt pile. Reynolds plans to use the IPO proceeds to pay down a portion of its debt.

Reuters had reported the IPO pricing earlier on Thursday, citing a person familiar with the matter. [nL1N29Z23R]

Reynolds primarily sells cooking products, waste and storage products, and tableware through several brands, including Reynolds and Hefty.

Just over three quarters of the company’s voting power is to be controlled by New Zealand billionaire Graeme Hart. Rank Group, Hart’s investment firm, in 2008 bought Alcoa’s packaging and consumer businesses, which later became Reynolds Consumer Products through multiple add-on acquisitions.

For 2019, Reynolds said it expects net income of between $220 million and $224 million, up from $176 million in 2018, though net revenue is seen slipping to around $3 billion from $3.14 billion a year earlier.

Credit Suisse, Goldman Sachs and J.P. Morgan were the leading underwriting banks on the IPO.

Lake Forest, Illinois-based Reynolds is due to make its Nasdaq debut on Friday under the symbol “REYN”.