RDIF, funds, Globaltruck CFO buy 57.3% of shares in IPO

Interfax, 03.11.2017

MOSCOW. Nov 3 (Interfax) - The offer price for the IPO of Globaltruck Management has been set at 132 rubles per share, the Russian haulage company said in a press release.

The total size of the offering is 3.5 billion rubles excluding the over-allotment option and 3.85 billion rubles assuming full exercise of the over-allotment option.

The base offering comprises a primary component of 2.8 billion rubles as well as a secondary placement of 0.7 billion rubles. At the offer price, the implied market capitalization of the company post-offering will be 7.72 billion rubles.

"The company will raise approximately 2.57 billion rubles in net proceeds from the offering, which will be used to support its growth through capital investment and to make targeted acquisitions when appropriate, as well as for general corporate purposes," Globaltruck said.

In the base offering, 26,515,150 shares have been placed with investors, including 21,212,120 newly issued shares as well as 5,303,030 shares from the holdings of GT Globaltruck Limited.

The selling shareholder has granted an over-allotment option in the amount of up to 2.65 million shares to the joint global coordinators and joint bookrunners.

The Russian Direct Investments Fund (RDIF) and a group of international sovereign wealth funds have agreed to subscribe for 11,363,600 shares in the offering, representing 38.96% of the offering (assuming full exercise of the over-allotment option) and 19.4% of the company's share capital.

"The RDIF and the sovereign wealth funds will assist the implementation and further development of the group's strategy," Globaltruck said.

The company's CFO, Denis Lesnykh has agreed to purchase 5,330,050 shares, or 18.3% of the offering, assuming the exercise of the over-allotment option in full.

About half of the offering has been allocated to institutional investors outside of Russia, the company said.

The company's shares are expected to start of trading in the Level 2 listing on the Moscow Exchange on November 3, 2017.

The company, Lesnykh and the selling shareholder have agreed under customary lock-up arrangements not to sell any shares in the company until 180 days after the share delivery date.

The coordinators and bookrunners for the offering are BCS Global Markets and Citigroup Global Markets.

It was reported earlier that the RDIF brought a number of international investors from the Middle East, Western Europe and North America into the Globaltruck IPO.

The price range of the IPO was announced on October 23 at 132-145 rubles per share. The order book closed on Thursday evening. The IPO will take place at the lower end of the price range, with a placement price of 132 rubles per share, a source familiar with the course of the deal told Interfax earlier.