Russian logistics group Global Ports is aiming to raise up to $578m (£354m) from its London initial public offering, valuing the company at up to $2.4bn.
The group, owned by Russian conglomerate N-Trans, is pricing its 35m-share offer in a range from $14.70 to $16.10.
The majority of the offer will comprise existing shares to be sold by N-Trans, it said, while Global Ports itself is eyeing gross proceeds of around $100m from new shares to fund its investment in the Russian ports segment.
Deutsche Bank, Goldman Sachs International, Morgan Stanley and Troika Dialog are joint global coordinators and joint bookrunners of the global offer.
Its stated company value is lower than analysts had previously estimated – expectations were for a value of $3bn.
Global Ports says it controls 30 per cent of Russia’s container ports market and exports 28 per cent of all fuel oil in the former Soviet Union. It is expecting to tap into demand for emerging markets infrastructure providers as economies such as Russia grow rapidly.
Its parent company, infrastructure group N-Trans, has listed two of its operations in London to date.