Global Ports launches with discount to Sberbank sale
Global Ports Investments, the Russian firm seeking a $524m-$574m London IPO, is offering shares at a cheaper price than that paid by company’s owners when buying back a 10% stake from Sberbank a few weeks ago. That deal was in itself seen as cheap, coming at around a 20% discount to the mid-point of analyst research — and the range offers up to a further 8% discount.
There arent any holes in this deal in the asset or the price, said one observer. If this doesnt work then London really is closed.
Sberbank sold a 10% stake in Global Ports to the owner of the rest of the company, Transportation Investments Holding (N-Trans), for around
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