Hart will retain ownership of about three quarters of Reynolds Consumer Products.
Bloomberg reported that the offering is the first billion-dollar US listing of the year, as well as an unusual debut for a household goods maker.
The initial public offer was the largest ever by a company in that niche, topping the 2014 Brussels listing by soap maker Ontex Group NV that raised 596 million euros (US$661 million), according to data compiled by Bloomberg.
"What's attractive to investors about our company is steady proven growth over a long period of time," Reynolds chief executive Lance Mitchell said. "We have a very consistent, durable demand and investment thesis that's compelling," he said.
Reynolds is a market-leading consumer branded and private label products company, boasting a presence in 95 per cent of households across the US.
The company produces and sells branded and store-brand products across three broad categories: cooking products, waste & storage products and tableware.
This includes Reynolds Wrap aluminum foil, Reynolds Kitchens parchment and wax paper, and Hefty foam dishes and party cups.
Hart started building the packaging empire in 2006 in a series of leveraged buy-outs.
Group revenue peaked in 2013 at US$13.97b, a year when Reynolds Group's total borrowings were at US$17.94b.
In 2015, Reynolds Group started selling assets when it sold SIG for 3.6 billion euros.
In 2017, it sold the Closure Systems International and Graham Packaging businesses in Asia for US$99m.
Last year it sold some of its North American, Costa Rica and Japanese units for US$615m.
For calendar 2019, Reynolds Group said it expected to report revenue of US$3.02b to US$3.04b, down from US$3.14b in 2018.
The decline was largely due to unusually high demand in the fourth quarter of 2018 as customers increased inventory levels, it said.
Reynolds Consumer will take on external debt to settle related-party borrowings, and will use the proceeds to repay debt incurred in a wider reorganisation.
