06/05/2010 The London Stock Exchange welcomes Avangard to the Main Market
Avangard is one of the leading agro-industrial companies in Ukraine and the number one producer of shell eggs and dry egg products.
Avangard raised $187.5m through a GDR listing, valuing the Company at US$937.5m.
Avangard intends to use the net proceeds to finance the expansion and diversification of its egg business by completing construction of two new egg production complexes in Ukraine. Each complex is expected to have am annual capacity of 840 million shell eggs when fully operational.
Commenting on the IPO, Avangard’s CEO, Nataliya Vasylyuk, said:
“We are delighted by the investor support and interest we have had during the IPO despite the volatile market conditions. Our leading position in the Ukranian egg market, along with our strong financial track record and vertically integrated business model, gives us confidence for the future. We look forward to keeping our new shareholders updated on our progress in implementing our growth strategy.”
Also commenting on the IPO, Oleg Bakhmatyuk, controlling shareholder and Chairman of the Board of directors of Avangard, said:
"Avangard is an established success story with excellent prospects. Moreover, our successful IPO sends a strong signal that investors are interested in quality companies in Ukraine in general and the agriculture sector in particular."
Troika Dialog acted as Global Coordinator, Lead Manager and Bookrunner for the Offering and NCB Stockbrokers Limited as Co-Lead Manager. Avangard’s legal advisers were Freshfields Bruckhaus Deringer LLP and Avellum partners. International communications was handled by Financial Dynamics.