Published: May 27, 2014
Georgian bank targets US$13-16 range ahead of London GDR offering.
Georgian bank TBC has announced the price range for its upcoming IPO. The offering, which will be in the form of London-listed global depositary receipts, will see the bank’s shares priced at US$13-16 each, putting its market capitalisation at between US$640.2mn and US$764.9mn.
The offering is equivalent to approximately 50% of the bank’s enlarged share capital. It will comprise a US$100mn primary component, with the remainder being secondary shares from existing shareholders. These shareholders are the International Finance Corporation, the European Bank for Reconstruction and Development, German investment corporation DEG, JP Morgan, Ashmore and two additional unnamed individuals. The EBRD intends to hold at least 10% of the bank after the offering is complete.
The roadshow commences today (May 27) and runs until June 5. Barclays and UBS are acting as joint global coordinators and joint bookrunners, Renaissance Capital is acting as a joint bookrunner and Peel Hunt is a co-manager.