Guidance price for Globaltrans placement narrowed to $16.25-$16.5 per GDR- source
MOSCOW. July 11 (Interfax) - The guidance price for Globaltrans' SPO has been narrowed from $16-$17.25 to $16.25-$16.5 per GDR, a source in banking circles told Interfax.
The bid book had one signature as of Tuesday. The book should close on Wednesday at 4:00 pm Moscow time.
Deutsche Bank, JPMorgan, Morgan Stanley and Troika Dialog are organizing the placement.
According the SPO plans, the group's company, Globaltrans Investment, hopes to sell around $400 million GDRs while its majority shareholder, Transportation Investment Holding (TIH), will sell around $50 million. In addition, TIH might present organizers an option for oversubscription for up to $50 million.
One depository receipt equals one common share. The GDRs will be placed on the London Stock Exchange.
The free float following placement will come to around 48%.
After the close of the offer, a 180-day ban on sales will be in place for Globaltrans, TIH's shareholders and the group's management structures.
Globaltrans specializes in the transport of metals, oil, cement and coal. TIH owns 50.1% (the holding is controlled in equal stakes by Konstantin Nikolayev, Nikita Mishin and Andrei Filatov) while Envesta Investments holds 12.2% (51% in this company is controlled by general director Sergei Maltsev and 49% is owned by board chairman Alexander Yeliseyev). The free float comes to 35.31% of charter capital. Treasury shares account for 2.3% of the company's stock.
Globaltrans' adjusted sales revenue rose 5.3% to $304.9 million in the first quarter of 2012 while the adjusted EBITDA increased by 25% to $153.3 million. The margin on the adjusted EBTIDA rose to 50.3% from 42.3% in the same period of 2011.
