KSG Аgro attracts USD 40 million from IPO at Warsaw Stock Exchange
2011-04-21 15:36:08
One of the largest Ukrainian agroholdings KSG Аgro S.A. attracted USD 40 million, having completed the initial public offering (IPO) of stock at Warsaw Stock Exchange (WSE).
As Chairman of the Board of Directors and stockholder of KSG Аgro Serhiy Kasianov said, during IPO about 33% of the company stock was placed. Buyers are over 20 European investment funds, the share of private investors in the portfolio exceeded 10%.
By results of placement, KSG Аgro capitalization amounted to USD 120 million.
According to Kasianov, the funds received from IPO, as well as the funds received from economic activities, are planned to send this year to a number of aims regarding the company development. In total, at the end of this year total land bank of KSG Аgro should make up about 60,000 ha, out of these, about one half will be rendered suitable for winter crops.
As Director of WSE Representative Office in Ukraine Andriy Dubetsky noted, this placement can be viewed as successful. He also informed that at the beginning of May the company stock listing is planned at WSE.
KSG Аgro is one of the largest agroholdings in the central and eastern part of Ukraine. Main assets are concentrated in Dnipropetrovsk region (Ukraine's east), it is mainly engaged in plant growing.
In 2010, the company increased net profits fourfold to USD 10 million with incomes up to USD 15.6 million from USD 13.8 million in 2009.