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29 November 2006
29/11/2006 Bank of Georgia to the Main Market

29 November 2006


The London Stock Exchange welcomes Bank of Georgia to the Main Market.




The Bank is the first Georgian company ever and the second bank from the CIS since 1999 to be listed on the London Stock Exchange. The Company raised approximately US$160 million through its IPO on the Exchange. The Offering was oversubscribed and the Bank’s market capitalization reached US$440 million at the commencement of trading.


Bank of Georgia is a leading full service Georgian bank, providing commercial and investment banking, asset management, insurance, leasing and card processing services to its corporate and retail clients. It is the largest bank with 98 branches and over 380,000 retail clients.


Commenting on the successful IPO, Lado Gurgenidze, Chairman of the Supervisory Board of the Bank of Georgia, said: “We are very pleased that the Offering of the Bank’s GDRs received such a significant level of interest from a broad range of investors across Europe. The Offering proved to be a success story and was priced above the upper level of the indicated price range. The IPO and listing on the Exchange are intended to diversify our capital structure and funding sources, raise the profile of the Bank and its operations, and provide the funds required to expand our banking operations in Georgia and other markets. We are very proud to become the first Georgian company ever to join the London Stock Exchange and are committed to raising the shareholders value”.


ING Bank N.V., London Branch has acted as Lead Manager and Sole Bookrunner of the offering, Bank Austria Creditanstalt AG has acted as Co-Lead Manager of the 0ffering and JSC Galt & Taggart Securities, a wholly-owned investment banking subsidiary of the Bank, has acted as Selling Agent.

 

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