Russian container terminal operator Global Ports Investments Plc (GLPR.L) Friday stated that it has priced its initial public offering of 35.6 million global depository receipts or GDRs at $15 per GDR. The price implies a market capitalization $2.35 billion for the company at listing.
The offer price comes somewhere in the middle of the company's previously announced IPO price range of $14.70 to $16.10 per GDR.
Global Ports' offer consists of 35.6 million GDRs, with one GDR representing an interest in three ordinary shares. Selling shareholder Transportation Investments Holding Ltd has granted joint bookrunners an over-allotment option, which represents up to 10 percent of the base offer size. This option is exercisable for a period of 30 calendar days from today.
Assuming the over-allotment option is fully exercised, the offer will consist of 39.2 million GDRs.
The total size of the offering is $534 million, and it may increase up to $588 million, subject to the exercise of the over-allotment option in full.
The company expects to begin its conditional trading on the London Stock Exchange today.
It has applied for the admission of the GDRs to the official list maintained by the UK Financial Services Authority and to begin trading on the regulated market of the London Stock Exchange under the symbol "GLPR".
Admission to the official list and unconditional trading on the London Stock Exchange are expected to commence on or around June 29.
In terms of ordinary shares, the IPO consists of approximately 20 million newly-issued ordinary shares offered by Global Ports and about 86.8 million existing shares offered by Transportation Investments Holding. Under the over-allotment option, about 10.7 million additional ordinary shares can be acquired.
Including the over-allotment option, the total size of the offer would be about 117.5 million ordinary shares, in the form of GDRs, Global Ports said.
The company's free float post-offering will be approximately 22.7 percent of its total share capital prior to the exercise of the over-allotment option, and about 25 percent assuming full exercise of the over-allotment option.
The company plans to use the net proceeds from the IPO to fund its capital investment programs in the Russian ports segment.
Deutsche Bank, Goldman Sachs International, Morgan Stanley and Troika Dialog are the joint global coordinators and joint bookrunners of the offer.
Global Ports is currently owned by Transportation Investments Holding, one of the largest privately-owned transportation and infrastructure groups in Russia. The company operates three container terminals in Russia and two in Finland.
For the year ended December 31, 2010, Global Ports' consolidated revenue was $382.4 million.
According to Drewry Shipping Consultants Ltd., an independent maritime consultancy, the compound annual growth rate for the Russian container traffic market would be 18.8 percent in 2013.
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