The London Stock Exchange today welcomed the world’s largest cruise ports operator.
Global Ports Holding floated on the stock exchange with a share price of 740p, giving the company a market capitalisation of £465m.
Its shares jumped up to more than 749p when the market opened before dipping and levelling out at its open price.
The London Stock Exchange has had a reasonably quiet start to the year for initial public offerings (IPOs) after a number of large floats were pulled last autumn.
Other companies to have taken the plunge in recent months include logistics firm Eddie Stobart and online mattress retailer Eve Sleep, both of which listed on the Alternative Investment Market (Aim), as well as Dubai’s ADES Energy, which floated on the main market last week.
There have now been 29 IPOs on the London Stock Exchange so far this year, raising more than £2.5bn.
Announcing its offer price at the end of last week, Global Ports Holding’s chief executive, Emre Sayin, said: “We have been very pleased with the strong interest in our offer, and we would like to thank our investors for supporting us during this exciting time for our business.
“We are proud of our unique business model and ambitious plans for the future, which will create value for all our stakeholders.
“We look forward to delivering on our strategy and continuing to explore new growth opportunities.”
Barclays, Citigroup and Goldman Sachs were joint global coordinators for the float, and together with VTB Capital were joint bookrunners. Shore Capital acted as lead manager. Baker McKenzie was legal adviser.
The company’s chairman and co-founder Mehmet Kutman said last week: “I would like to welcome our new shareholders who share our exciting vision.
“I would also like to thank my colleagues who have worked so hard to deliver on the original ambition of my late partner, Gregory Michael Kiez, who was the co-founder of this unique business.
“We look forward with confidence to the next stage of our development as a listed company.”
The company operates 14 ports across eight countries globally and counts Lord Mandelson among its non-executive directors.