Georgian Railway plans to raise around $250 million from an initial public offering of 25 percent of its shares in London to finance its international freight operations.
The London listing, priced at between $15.25 and $19 per global depository receipt, values the state rail monopoly of the former Soviet republic at $800 million-$1 billion.
The company, which has been marketing the IPO since mid-April, expects trading in its shares to start on May 24.
Georgian Railway generated more than 90 percent of its $283 million revenue in 2011 from freight, half of which involves transporting oil and oil products from Kazakhstan and Azerbaijan to export terminals at Black Sea ports.
The company, which owns Georgia’s rail infrastructure as well as its locomotives and rail cars, also hauls freight in transit between Europe and Asia.
Georgian Railway earned $154 million before interest, tax, depreciation and amortization and booked net income of $104 million in 2011.
Two Russian rail operators, Globaltrans and Transcontainer, a unit of the state railway company, are also listed in London.
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