Global Ports prices IPO
Russian port operator Global Ports has priced its up to $572m (£355m) London initial public offering (IPO) at the lower end of the range, in a bid to get the float away amid tough market conditions.
The container terminal operator will price its shares in the lower half of its $14.70 to $16.10 range, sources close to the deal told City A.M. last night.
The list price puts shares in the company at a deep discount to a recent valuation by analysts, in an indication of the measures firms are prepared to take to successfully float.
Trading of the firm’s global depository receipts will begin on the London Stock Exchange today, ahead of full trading before the end of the month.
Deutsche Bank, Goldman Sachs, Morgan Stanley and Troika Dialog acted as joint global coordinators and joint bookrunners on the public offering.