Georgian Railway is blaming volatile markets as it pulls LSE float
Friday 25 May 2012
Georgian Railway shelved its London shares sale yesterday blaming market conditions.
The float was meant to raise up to $250m (£159m) and value the company at $1bn.
It is a setback to the London Stock Exchange, which has seen little initial public offering activity over the past year as stock markets struggle with worries about eurozone debt.
Earlier this month, the Russian real estate investor O1 Properties pulled its listing due to choppy markets. Georgia also blamed its decision on volatile markets, with uncertainty over the future of Greece deterring investors.
With markets wobbly, the company and its advisers had made every effort to improve the chances of a successful offering, including doubling the usual marketing period to gather as much feedback as possible from investors. The country's prime minister, Nika Gilauri, even joined management teams on investor roadshows.
It is the latest east European withdrawal from a London listing. All eyes will now be on Arsenal shareholder Alisher Usmanov's planned float of Megafon, which could be valued at $4bn.
Olympic diver has made his modelling debut for Adidas
- 2 Scottish independence: Learn from Quebec's mistakes and beware of promises. Vote Yes.
- 3 'Necrophilia-obsessed' girl among double murder accused in three-way sex case
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
Thailand beach murders: Thai PM suggests 'attractive' female tourists cannot expect to be safe wearing bikinis
Scottish independence: Final opinion polls show undecided voters could swing result either way
Isis release 'Flames of War' video warning Obama of attacks troops could face in Iraq
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Hitler’s former food taster reveals the horrors of the Wolf’s Lair
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Portuguese academic says British are 'filthy, violent and drunk'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
£20000 - £25000 per annum + OTE £35,000 first year: SThree: The SThree group i...
£20 - 24k (Uncapped Commission - £35k Year 1 OTE): Guru Careers: We are seekin...