Oranta Discloses IPO Plans
16 January 2008
According to Ukrainian News, Oranta (SORN: N/R), Ukraine’s second-largest insurer, announced plans to conduct IPO in 2010 by placing 15% of its shares on an international stock exchange. The company’s chairman, Oleh Spilka, noted that Oranta is looking at either the London or Frankfurt stock exchanges. He also stated that the stake will be placed at about 3.0x P/Premiums, the multiple achieved during privatization of a 25% stake in the company in October and 11% private placement in November 2007. Under the premium growth estimates at 20%-40% CAGR during the next three years, Oranta’s 15% stake in 2010 can be valued at USD 120-160 mln.
