Russia's Global Ports eyes IPO in London, to raise $572m
Global Ports plans to raise up to $572 million from an initial public offering in London that would value Russia’s largest port operator at $2.4 billion, the Journal of Commerce reported.
The unit of giant Russian transport and infrastructure conglomerate N-Trans on Thursday set a $14.70 to $16.10 price range in an IPO that is expected to total 35.5 million shares. The lower price would raise $524 million and value the company at $2.2 billion.
N-Trans is selling existing shares, while Global Ports itself plans to raise $100 million from issuing new shares to finance expansion of its container terminals in Russia.
Following the IPO, the port operator’s free float is expected to be around 25 percent of its issued share capital.
Global Ports says it handles 30 percent of Russia’s ocean container traffic at its terminals in the Baltic and Pacific coast as well as 28 percent of the nation’s fuel oil exports.
“The IPO is an important step forward for Global Ports and will provide a solid platform for the continued growth of our business as we move to extend our leadership position,”
Chairman Nikita Mishin said. “By listing in London, our aim is to provide investors with access to a fast-growing industry in one of the world’s most attractive emerging economies,” Mishin said.
Global Ports calls Russia one of the world’s most buoyant container markets. London-based research analyst Drewry Shipping Consultants expects the market to grow 18.8 percent a year until 2013.
Global Ports’ consolidated revenue jumped 39.3 percent in 2010 to $382.4 million and profit more than doubled to $67.3 million. Revenue increased 60.8 percent in the first quarter of 2011 to $122.9 million as container volume jumped 68 percent from a year earlier, to 341,222 20-foot equivalent units.
The unit of giant Russian transport and infrastructure conglomerate N-Trans on Thursday set a $14.70 to $16.10 price range in an IPO that is expected to total 35.5 million shares. The lower price would raise $524 million and value the company at $2.2 billion.
N-Trans is selling existing shares, while Global Ports itself plans to raise $100 million from issuing new shares to finance expansion of its container terminals in Russia.
Following the IPO, the port operator’s free float is expected to be around 25 percent of its issued share capital.
Global Ports says it handles 30 percent of Russia’s ocean container traffic at its terminals in the Baltic and Pacific coast as well as 28 percent of the nation’s fuel oil exports.
“The IPO is an important step forward for Global Ports and will provide a solid platform for the continued growth of our business as we move to extend our leadership position,”
Chairman Nikita Mishin said. “By listing in London, our aim is to provide investors with access to a fast-growing industry in one of the world’s most attractive emerging economies,” Mishin said.
Global Ports calls Russia one of the world’s most buoyant container markets. London-based research analyst Drewry Shipping Consultants expects the market to grow 18.8 percent a year until 2013.
Global Ports’ consolidated revenue jumped 39.3 percent in 2010 to $382.4 million and profit more than doubled to $67.3 million. Revenue increased 60.8 percent in the first quarter of 2011 to $122.9 million as container volume jumped 68 percent from a year earlier, to 341,222 20-foot equivalent units.