Global Ports raised $534 million from an initial public offering in London valuing Russia’s biggest container terminal operator at $2.35 billion.
Global Ports owner N-Trans sold 25 percent of the company through an offering of global depositary receipts at $15 each, at the lower end of its $14.70 to $16.10 price range.
The proceeds could rise to $588 million if an over-allotment option is fully exercised.
Global Ports also sold $100 million of new shares in the London offering to finance expansion of its Russian ports.
Global Ports handles around 30 percent of Russia’s ocean container traffic, some 342,000 20-foot equivalent units in the first quarter of 2011, at terminals in St. Petersburg and the Far East port of Vostochny.
It also handles approximately 28 percent of the country’s fuel oil exports.
Global Ports is the second Russian ports operator listed in London after Novorossiysk Commercial Seaport, which sold a 15 percent stake in an IPO in 2007.
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