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Globaltrans prices IPO at $13.25 per GDR

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Date: Wednesday 30 Apr 2008

LONDON (ShareCast) - Russia's largest privately owned freight rail operator Globaltrans Investment priced its IPO at $13.25 per global depositary receipt with each GDR representing an interest in one share.

The group said it has received strong demand across all regions in which the GDRs were offered and raised about $449.4m, consisting of approximately $224.7m for the company and $224.7m for selling shareholders.

The implied market capitalisation of Globaltrans upon completion of the offering at the offer price is $1.55bn.

Conditional dealings will commence on the London Stock Exchange today, while unconditional dealings is expected to take place on or about 8 May.

“The success of our offering shows that investors recognise the great 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,” said chief executive Sergey Maltsev.

“The offering has given us access to the capital we need and we will now move forward with the implementation of our investment plans, enhancing our opportunities for growth and value creation,” he added.

Deutsche Bank acted as global coordinator and Deutsche Bank and Morgan Stanley are acting as joint bookrunners for the offering.