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Bank of Georgia London IPO 5x-Oversubscribed, Raises USD 160 mln

Bank of Georgia London IPO 5x-Oversubscribed, Raises USD 160 mln

27 November 2008

The Bank of Georgia (GEB (Georgia): BUY) raised just over USD 160 mln at its IPO in London on Friday. The bank sold 7.7 mln shares for USD 18, up from the USD 15 to 17.50, the bank had initially sought. The stock was sold as depositary receipts and involved issuing 6. 6 mln new shares and 1.14 mln existing shares. The offering values the bank at USD 440 mln. The Bank of Georgia is the country’s largest bank in asset terms. Concorde Capital placed a 9.9% equity stake in the bank for USD 4.5 mln in 2005. See our desk note from April 17 from more details.

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