The shareholders of Novorossiysk Commercial Sea Port (NCSP) have approved at an extraordinary meeting on Monday the placement of shares in Russia and abroad, the company's official documents read according to RBC. The decision was made by absentee vote. NCSP will float common shares and Global Depository Receipts (GDRs). Kadina Limited will act as the seller, while Morgan Stanley&Co. International Plc. and TD Investments Limited will be the underwriters for the IPO.
NCSP is projected to place common shares on the RTS and MICEX and GDRs on the London State Exchange (LSE) and PORTAL web-based application system of Nasdaq. The company did not divulge any other details of the upcoming flotation.
As reported earlier, NCSP may place up to 20 percent of its shares, and that the IPO was scheduled for November-December 2007.