Globaltrans, Russia’s largest private train operator, said on Wednesday it would raise $449m (£226m) when it floats on the London Stock Exchange next week.
Global Depositary Receipts representing shares in Globaltrans will be priced at $13.25 – in the middle of the $11.50 to $15 price range announced on April 16 – after strong interest in the listing, the first of a Russian train operator in London.
The price implies a market capitalisation for the company – one of scores of private freight haulage companies to have sprung up under Russia’s rail reform programme – of $1.55bn.
Half of the listing proceeds will go to the present shareholders – a mix of N-Trans, Russia’s largest transport company, and management – and the other half to fund future investment.
Sergey Maltsev, Globaltrans’ chief executive, said the offer’s success showed investors recognised the potential of the Russian rail freight industry.
“This is a sector that is set to continue its rapid growth and we intend to retain and build on our leadership position within it,” he said. “The offering has given us access to the capital we need and we will now move forward with the implementation of our investment plans.”
Conditional dealing in the shares would start next Wednesday, the company said, while the official listing was likely to start on May 8.