LONDON, June 6 Georgia's TBC Bank has
set the price for an initial public offering (IPO) of global
depositary receipts to be traded in London at $13, valuing the
company at around $640 million.
In a statement on Friday the bank said the total size of the
transaction was $238.7 million excluding shares offered as part
of an over-allotment option.
The final price came in at the bottom of $13 to $16 price
range set in May.
The bulk of the deal proceeds goes to a group of selling
shareholders which includes the World Bank's International
Finance Corporation, the European Bank for Reconstruction and
Development, Germany's DEG investment corporation, JPMorgan
and investment manager Ashmore.
Proceeds for the bank from the sale of new shares amount to
around $96 million which it will put towards growing its
Barclays and UBS acted as joint global coordinators on the
(Reporting by Chris Vellacott. Editing by Steve Slater)