Mriya Agro Holding raises USD 90.1 mln via equity placement

Mriya Agro Holding announced yesterday it attracted USD 90.1 mln through the placement of a 20% stake, putting its MCap at USD 450.5 mln. The company offered 4,250 ths ordinary shares in the form of DRs at USD 21.20 each (5:1 GDRs per ordinary share). The shares will be listed on the Frankfurt Stock Exchange since July 1. Mriya Agro Holding is an agricultural company with land areas of 100 ths ha under cultivation in the Western Ukraine and grain storage facilities of 200 ths mt. The company plans to use proceeds from the IPO to increase its land bank from 100 ths ha to 190 ths ha by the end of 2008, to construct new grain elevators and purchase new equipment. Anna Dudchenko: We view Mriya Agro Holding’s equity placement successful: achieved multiple EV/ha of land under control is USD 4,416, which is above its Ukrainian peers’ median of 2,430 and even higher than its Russian peers’ median of ~3,750.