Global Ports seeks $100 mln from London IPO

Global Ports Investments, Russia’s leading container terminal operator, plans to raise up to $100 million from the sale of about a quarter of its capital in an Initial Public Offering (IPO) in London, the London Stock Exchange (LSE) said on its website on Monday.

Global Ports plans to offer new shares as well as existing stock in the form of Global Depositary Receipts (GDRs) owned by core company shareholder Transportation Investments Holding Limited, the LSE said in a statement.

Deutsche Bank, Goldman Sachs International, Morgan Stanley and Russia’s Troika Dialog investment company are joint global coordinators and joint bookrunners for the offering.

“Our growth strategy, backed by an experienced management team, means we are ready to pursue the many opportunities that are available to us in the fast-developing Russian ports industry,” Global Ports Chairman Nikita Mishin was quoted as saying.

The company’s evenues soared 60.8 percent in the first quarter of 2011 to $122.9 million year-on-year, while adjusted EBITDA skyrocketed 102.5 percent to $67.3 million compared to January-March 2010.


MOSCOW, June 6 (RIA Novosti)

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