The Global Offer will consist of both a primary offering of ordinary shares by GPI and a sale of shares by Transportation Investments Holding Limited (“TIHL” or the “Selling Shareholder”) in the form of GDRs, with one GDR representing an interest in three ordinary shares.
The price range for the Global Offer is from USD 14.70 to USD 16.10 per GDR.
The Global Offer is expected to comprise approximately 35.5 million GDRs representing an offer size of between USD 524 million and USD 572 million before exercise of the over-allotment option. GPI intends to raise gross proceeds of approximately USD 100 million via the issuance of new shares, with the majority of the Global Offer comprising existing shares to be sold by TIHL.
The Global Offer implies a pre-money equity value for GPI of between USD 2.2 billion and USD 2.4 billion.
The Selling Shareholder will grant to the Joint Bookrunners an over-allotment option to purchase at the offer price additional GDRs representing up to 10% of the GDRs sold in the Global Offer to cover over-allotments, if any, in connection with the offering.
Following the Global Offer, GPI’s free float is expected to be approximately 25% of its issued share capital assuming full exercise of the over-allotment option.
GPI intends to use the net proceeds of the Global Offer to fund its capital investment programmes in the Russian ports segment.
Deutsche Bank, Goldman Sachs International, Morgan Stanley and Troika Dialog are serving as the Joint Global Coordinators and Joint Bookrunners of the Global Offer.
Commenting on today’s announcement, Nikita Mishin, Chairman of GPI’s Board of Directors, said:
“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. 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.”