Kernel Group Raises USD 218 mln in Warsaw IPO

15 November 2008

Kernel Group, Ukraine's largest oil and fat producer, raised USD 218 mln, for a 36% stake in an IPO on the Warsaw Stock Exchange. According to Bloomberg, the price was set at 24 zloty per share (USD 9.58). Proceeds will be directed to increasing production capacity. Kernel Group reported financials for the marketing year ending on June 30, 2007: net revenues of USD 350 mln, EBITDA of USD 46.4 mln (margin of 13.3%), and net income of USD 19.5 mln (margin of 5.6%).

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