Avangard announces intention to float in London

Avangardco (aka Avangard), in a statement yesterday on the London Stock Exchange, proclaimed its intention to proceed with an IPO of newly issued shares as GDRs on the LSE. Avangard is the #1 producer of shell eggs and egg products in Ukraine, with a 23% and 52% market share, respectively in 2009. Avangard said it plans to use placement proceeds to finance expansion and diversification of its egg business through capital expenditures. In 2009, Avangard posted revenue of USD 319.9 mln and EBITDA of USD 152.1 mln. Avangard said its net debt amounted to USD 102.6 mln, or 13% of total assets.