UPDATE: Globaltruck sets share price range for IPO at 132-145 rbl

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MOSCOW, Oct 23 (PRIME) -- Globaltruck, one of Russia’s largest FTL cargo carriers and the largest FTL carrier in the Urals and Siberia, has set the price range to offer 37.25 million shares in an initial public offering (IPO) on the Moscow Exchange at 132-145 rubles, as seen by PRIME in the company’s materials on Monday.

The offering will comprise new shares and up to 2.65 million existing shares held by GT Globaltruck Limited.

Globaltruck said in a statement that its free float may rise to 49.89% if all shares are sold with  GT Globaltruck Limited remaining the controlling shareholder. The company is to raise 3.85-4.23 billion rubles in the IPO to boost market capitalization to 7.72 to 8.48 billion rubles.

“The IPO will allow us to implement our strategy and use favorable market trends fully. The raised funds will be used for fleet expansion to become… Russia’s biggest cargo carrier,” CEO and co-founder Alexander Yeliseyev said.

Bids are to be collected from Monday to November 2. Technical placement is scheduled for November 3.

The company also said that its shareholders have rejected their pre-emptive right.

The IPO will include a public offering to institutional and retail investors in Russia and to international institutional investors outside Russia and the U.S.

(57.5118 rubles – U.S. $1)

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