The Packaging Corporation of America (PCA) unveiled an initial public offering of 46.25 million shares of its common stock at $12/share on the New York Stock Exchange on January 28, 2000. PCA, majority owned by Madison Dearborn Partners Inc., offered 11.25 million shares and shareholder Pactiv Corp. offered all of its 35 million shares in the company. At the market's close Friday, 10.77 million shares or 23% of the total offered has been purchased, and the PCA share price was at $12.