GEORGIA’S TBC Bank has set the price for an initial public offering (IPO) of global depositary receipts to be traded in London at $13 (£7.74), valuing the company at around $640m.
In a statement yesterday the bank said the total size of the transaction was $238.7m excluding shares offered as part of an over-allotment option.
The final price came in at the bottom of $13 to $16 price range set in May.
The bulk of the deal proceeds goes to a group of selling shareholders which includes the World Bank’s International Finance Corporation, the European Bank for Reconstruction and Development, Germany’s DEG investment corporation, JPMorgan and investment manager Ashmore.
Proceeds for the bank from the sale of new shares amount to around $96m which it will put towards growing its business.
Barclays and UBS acted as joint global coordinators on the sale, while law firm Baker & McKenzie provided legal advice to the firm, led by Adam Farlow, with Nick O’Donnell, Don Guiney and Charles Farnsworth.
Patrick Sheil at Linklaters was counsel for the underwriters.