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Globaltrans seeks $˝bn from London float

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Date: Wednesday 16 Apr 2008

LONDON (ShareCast) - Russia's largest privately owned freight rail operator Globaltrans Investment could be worth almost $1.8bn when it floats in London after pricing its IPO today.

The firm set an indicative range of $11.50 to $15.00 per global depositary receipt (GDR), with each GDR representing an interest in one share.

Almost 34m GDRs are being offered, made up of new shares and GDRs sold by Transportation Investment Holding and Envesta Investment, which could net up to $509m.

“We look forward to meeting investors on our forthcoming roadshow, when we can introduce them to the fast-growing private rail freight industry in Russia, which is a new and exciting sector in the economy,” said Globaltrans boss Sergey Maltsev.

“Following the IPO we intend to invest further in our rolling stock, in order to expand our business into other high margin segments, such as building materials.”