Mgaloblishvili Kipiani Dzidziguri has advised the Bank of New York Mellon in connection with IPO by TBC Bank
22 july, 2014
Mgaloblishvili Kipiani Dzidziguri (MKD) has advised the Bank of New York Mellon in connection with Initial Public Offering (IPO) by TBC Bank in the form of Global Depositary Receipts.
The IPO was conducted on London Stock Exchange with Barclays PLC and UBS as the joint global coordinators and joint bookrunners, Renaissance Capital as the joint bookrunner and Peel Hunt acting as the co-lead manager.
The transaction turned out to be the largest ever-index international IPO out Europe, Middle East and Africa and is the largest offering by a Georgian company on a stock exchange with up to a 100 reputable institutional investors from the developed jurisdictions purchasing TBC shares.
Victor Kipiani commented that “the TBC IPO was the third one in the row for Mgaloblishvili Kipiani Dzidziguri and adds considerable expertise to the already existing knowledge portfolio of capital market’s related work at our firm; certainly, it boosts our profile for similar future exercises and we are very optimistic that some others would follow in mid-term run”. Natalia Babakishvili of MKD pointed out that “different from previous IPO matters, the TBC’s offering was indeed unique as it was undertaken in an environment of more sophisticated rules and expediency of further enhancing relevant business practices”.
MKD team was led by Victor Kipiani and Natalia Babakishvili and assisted by Mariam Antia and Mariam Asanishvili.
As a result of the IPO, the prices of TBC listed shares exceeded GEL 400 million.