Support The Moscow Times!

Globaltrans Raises $520M

Freight operator Globaltrans Investment said it raised an above-target $520 million from a share sale, giving it added firepower to expand and make further acquisitions possible.

The company's capital-raising is one of the few by Russian companies this year. Depressed markets and the euro-zone crisis have severely limited the ability of companies to raise money.

Globaltrans said it priced its offering at $16.50 per GDR, in the middle of an indicated range of $16.00-$17.25 per GDR. The company had planned to raise around $450 million through the share sale while under an over-allotment option, underwriters could purchase up to an additional $50 million GDRs.

Analysts had said they expected the company should place shares at the upper end of the range, as investors would be keen to see it having potential M&A opportunities. The company said its offering was significantly oversubscribed and that both management and its board also purchased GDRs in the offering.

(Reuters)

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.