Global Ports GDR begin trading in London
MOSCOW. June 29 (Interfax) - Global depositary receipts (GDR) in Global Ports Investment Plc, part of the N-Trans group, officially began trading on the London Stock Exchange (LSE), the company said.
There are 39.2 million GDR in circulation, with each backed by three ordinary shares. They were placed in the IPO at $15 each for a total of $588 million. The free float totals 25%.
Provisional trading began on Friday, June 24. As of the close on June28, the GDR were prices at $17.1 each, 14% higher than the placement price.
The IPO put the company's market capitalization at $2.35 billion.
The joint global coordinators and bookrunners for the IPO are Deutsche Bank, Goldman Sachs International, Morgan Stanley and Troika Dialog. They have already exercised the over-allotment option covering 10% of the base IPO volume.