Global Port Holdings plans $250m London float, with Peter Mandelson on board

The world’s largest international operator of cruise ports Global Ports Holding has announced its intention for a $250m float on the London Stock Exchange.

The Istanbul-based company, which appointed Labour party grandee Peter Mandelson to its board last month, said it will consider a primary share offering of $75m in the $250m float and pay a minimum dividend of $25m in 2017.

A majority of the proceeds from the IPO will be used to “acquire and develop new ports” said GPH.

“GPH has identified and is in discussions with a number of cruise port acquisition targets, including nine ports in Europe, seven ports in the Caribbean and four ports in Asia” said the company.

Lord Mandelson, a former EU trade commissioner, joined GPH’s board along with Thierry Déau, founder of Meridiam, the French asset manager ahead of the expected listing.

Emre Sayin, chief executive said:

Current passenger trends and market dynamics provide an excellent opportunity to expand our business further internationally.

Listing on the London Stock Exchange is an exciting milestone.

Barclays, Citigroup, Goldman Sachs International and VTB Capital have been appointed as bookrunners on the deal. Shore Capital is the lead manager.