Arab Today, arab today global ports to raise 534 mln in london ipo
Last Updated : GMT 21:48:36
Arab Today, arab today
Arab Today, arab today

Global Ports to raise $534 mln in London IPO

Arab Today, arab today

Arab Today, arab today Global Ports to raise $534 mln in London IPO

Moscow - RIA Novosti

Russia\'s leading container terminal operator Global Ports is expected to raise $534 million in an initial public offering in London after its offer price was set at $15 per Global Depositary Receipt (GDR), the London Stock Exchange (LSE) said on its website on Friday. The offer price was set closer to the lower end of the company\'s price guidance of $14.70-16.10 per GDR. The IPO proceeds may rise to $588 million if the IPO managers exercise their option. The company was valued at $2.35 billion. After the IPO, the company\'s free float will equal about 22.7 percent of its share capital and 25 percent if the IPO joint book runners fully exercise their option. Deutsche Bank, Goldman Sachs International, Morgan Stanley and Russia\'s Troika Dialog investment company were appointed as joint global coordinators and joint book runners of the deal. Global Ports has offered investors about 20 million new ordinary shares, and also 86.8 million outstanding shares offered by its shareholder Transportation Investments Holding Limited. The funds raised in the IPO will be invested in Russia\'s port industry, the company said. \"The success of our placement proves the significant interest by investors in leading infrastructure companies operating in the emerging markets,\" Global Ports quoted its Chairman Nikita Mishin as saying.  

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