Global Ports aims for $100 mln from London IPO
Russia's Global Ports said on Monday it was seeking more than $100 million from an initial public offering (IPO) of its shares in London, joining a host of Russian private issuers raising funds from capital markets, Reuters reports.The company, a unit of a private transportation and infrastructure holding group N-Trans, said it would use the net proceeds of the IPO to invest in its ports operation.
The $100 million is expected to come from an issue of new shares, while an unspecified amount of existing shares will also be sold, the company said in a statement.
Russian companies have raised $3.4 billion from IPOs in 2011 to date, compared with around $5.5 billion during the whole of last year.
The standout deal was the blockbuster $1.4 billion Nasdaq IPO of Russia's most popular search engine Yandex last month, but there have been more cancellations than successes as investors remain wary of perceived risks surrounding Russian firms.
Global Ports could become a third successful IPO from the N-Trans company following the floats of freight operator Globaltrans Investment and road and bridge operator Mostotrest .
Mostotrest raised $388 million in Moscow last November, although the shares have since lost ground.
Global Ports said it controls 30 percent of Russia's container ports market and boosted revenue by 60.8 percent to $122.9 million in the first quarter of this year.
Earnings before interest, tax, depreciation and amortisation more than doubled to $67.3 million.
The company hired Deutsche Bank, Goldman Sachs, Morgan Stanley and Troika Dialog as joint organisers of the offering.
The $100 million is expected to come from an issue of new shares, while an unspecified amount of existing shares will also be sold, the company said in a statement.
Russian companies have raised $3.4 billion from IPOs in 2011 to date, compared with around $5.5 billion during the whole of last year.
The standout deal was the blockbuster $1.4 billion Nasdaq IPO of Russia's most popular search engine Yandex last month, but there have been more cancellations than successes as investors remain wary of perceived risks surrounding Russian firms.
Global Ports could become a third successful IPO from the N-Trans company following the floats of freight operator Globaltrans Investment and road and bridge operator Mostotrest .
Mostotrest raised $388 million in Moscow last November, although the shares have since lost ground.
Global Ports said it controls 30 percent of Russia's container ports market and boosted revenue by 60.8 percent to $122.9 million in the first quarter of this year.
Earnings before interest, tax, depreciation and amortisation more than doubled to $67.3 million.
The company hired Deutsche Bank, Goldman Sachs, Morgan Stanley and Troika Dialog as joint organisers of the offering.
