JUNE 11 2014 (The Conway Bulletin) – TBC Bank became the second Georgian company to list on the London Stock Exchange (LSE) after it raised $240m at an IPO. The IPO valued TBC at around $640m and demonstrated that investors are keen to buy shares in companies in Georgia once again, nearly six years after it fought a brief war with Russia.
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(News report from Issue No. 189, published on June 18 2014)
MAY 27 2014 (The Conway Bulletin) – TBC Bank is aiming to be the second Georgian company to list on the stock exchange in London. It named a price range for its shares at its proposed IPO at the end of June of between $13 and $16.
This is an important IPO for Georgia and the wider former Soviet Union. For Georgia, TBC Bank will be the first IPO since the end of Mikheil Saakashvili’s era as president. For the wider former Soviet Union, it will test investors’ appetite for buying into the region while the conflict in Ukraine appears to be worsening.
Rival Bank of Georgia floated on the London Stock Exchange in 2006 and is now part of the FTSE-250.
TBC Bank, valued at nearly $800m, aims to float around 50% of its stock in the IPO. It is the biggest bank in Georgia in terms of retail deposits, with a 33% share of the market.
The TBC floatation will also be a test of how investors view the Georgian economy. It has improved over the last year, partly because relations with Russia have improved, but there are still plenty of weaknesses. Inflation is still stubbornly low and direct foreign investment, so important, is taking some time to pick up again.
Still, with the South Caucasus’ status as a transit region for cargo and energy products between the Caspian Sea and Europe growing, Georgia has experienced an economic re-bound.
The TBC IPO at the end of June will be a good indication of how investors feel about the region.
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(News report from Issue No. 186, published on May 28 2014)
MAY 3 2014 (The Conway Bulletin) — Kazakhstan’s economy minister, Yerbolat Dossayev, said the so-called People’s IPO would finally go ahead next month. The People’s IPO has been continually delayed. Mr Dossayev said the first round of sell offs of state assets would include subsidies of energy company Kazmunaigas and railway company Temir Zholy.
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(News report from Issue No. 183, published on May 7 2014)
SEPT. 13 2013 (The Conway Bulletin) — Interest in investing on the Baku Stock Exchange is growing, local media quoted Rufat Aslani, the Azerbaijani government official in charge of regulating securities, as saying. Mr Aslani said three IPOs were planned by the end of 2013, including Goldenpay, an online payment systems, which plans to sell 10% of its stock.
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(News report from Issue No. 152, published on Sept. 18 2013)
DEC. 11 2012 (The Conway Bulletin) – Swedish telecoms company TeliaSonera earned $525m from the sale of its 25% stake in Kcell, Kazakhstan’s largest mobile operator, in an IPO in London. This is slightly lower than some analysts had anticipated when TeliaSonera announced the sale last month.
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(News report from Issue No. 117, published on Dec. 14 2012)
MAY 24 2012 (The Conway Bulletin) – Georgia’s government delayed plans to list its national railway company on the London Stock Exchange because of poor market conditions. Concerns over the Eurozone and a disappointing stock market debut for Facebook have unnerved investors. Georgian PM Nika Gilauri said the government still planned to list the railway company when the market improves.
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(News report from Issue No. 089, published on May 25 2012)
FEB. 11 2011 (The Conway Bulletin) – Kazakhstan will sell part of its national post office, energy grid company KEGOC and power generating firm Samruk-Energo through IPOs by the end of the year, President Nursultan Nazarbayev said. These will be the first of the so-called ‘People’s IPOs’ when state assets will float on the Kazakh domestic stock exchange.
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(News report from Issue No. 27, published on Feb. 14 2011)
FEB. 7 2011 (The Conway Bulletin) – Georgia is considering an IPO to sell off 25% of both its state oil and gas company and the company distributing electricity around the capital Tbilisi, Reuters quoted the Georgian energy minister, Alexander Khetaguri as saying. Georgia plans to use the cash to build hydroelectric power stations.
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(News report from Issue No. 26, published on Feb. 7 2011)
OCT. 21 2010 (The Conway Bulletin) — Kazakhstan is still considering selling 20% of state oil company Kazmunaigas in an IPO next year, said Kairat Kelimbetov, head of Kazakh state conglomerate Samruk-Kazyna. Earlier this month he had ruled out an IPO and instead said Kazmunaigas would borrow up to $14b for its $20b investment programme.
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(News report from Issue No. 12, published on Oct. 21 2010)