Global Ports launches at 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.