IPO values MHP at $1.7bn

09/05/2008 

Mironovskiy Hleboproduct (MHP), a leading poultry producer in Ukraine, has priced its IPO at $15.00 for each global depositary receipt, implying a market capitalisation of about $1.7bn.

The offer comprises 10,750,000 existing shares in the form of GDRs offered by WTI Trading and 10,750,000 new shares in the form of GDRs offered by the company.

MHP said it intends to use its net proceeds to finance the expansion of its poultry and grain businesses, including potential land acquisitions and potential acquisition opportunities in the Ukrainian agricultural sector.

“We are delighted to have priced the IPO and with the prospect of being listed on the London Stock Exchange,” said chief executive Yuriy Kosyuk.

“We have been very encouraged by investor appetite for our shares despite the difficult stock market conditions,” he added.

Morgan Stanley and UBS are the joint global coordinators and joint bookrunners for the global offering.