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20 June 2007
20/06/2007 Exchange welcomes Ferrexpo to the Main Market.

20 June 2007

 

The London Stock Exchange is delighted to welcome Ferrexpo, the first Ukrainian company to join the Main Market.




Ferrexpo’s Poltava mine has one of the world's largest producing iron ore resources and the company’s principal business is the mining, processing and sale of iron ore in the form of pellets for use in the production of steel.


The share issue last week consisted of around 25% of the company’s share capital with the total offer comprising 152m shares, 72.5m of which were new shares. The deal was priced at 140p and raised a total of £213m indicating a market capitalisation at admission of approximately £848m.


Proceeds from the sale will go partly to the selling shareholder Kostyantin Zhevago with the remainder going to the company to optimise the extraction of iron ore and maximise production of existing operations.

Commenting on today’s announcement, Mike Oppenheimer, CEO of Ferrexpo said


“We are particularly pleased to be the first company from Ukraine to successfully be admitted to the Main Market of the London Stock Exchange. The support of our shareholders will enable us to continue to develop one of the world’s great iron ore assets, and to deliver on our growth strategy.”


JPMorgan Cazenove is Sponsor, Financial Adviser, Global Co-ordinator and Joint Bookrunner and Deutsche Bank is Joint Bookrunner for the IPO. JPMorgan Cazenove is also acting as Stabilising Manager. Finsbury provided PR advice.

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