Valinor Public Ltd (Cyprus), controls 358 hectares of agricultural land in Russia and Ukraine, plans to expand its land bank in Ukraine in 2011 by 25% - up to 150 hectares. According to released prospectus IPO companies on Wednesday, in particular, this year company expects to receive additional control in Ukraine over 30 thousand hectares of agricultural land.

In Russia, Valinor Public Ltd intends to increase the land bank by 40 hectares - to 278 thousand hectares this year. The Company expects that from 2012 to 2014 it will have the opportunity to expand its land bank in Ukraine and Russia by 70 thousand hectares per year.

Valinor Public Ltd also plans to spend $ 44 million for the purchase of agricultural equipment, approximately $ 7 million for the acquisition, construction and upgrading of facilities for grain storage. As reported in today Valinor Public Ltd holds an initial public offering of its shares on the Warsaw Stock Exchange (WSE).

The company is ready to sell up to 24 million shares for no more than 39.5 PLN, which is 14.2USD. Thus, the net worth of Valinor was 612M USD. The offering price will be announced approximately on July 15, and will start trading on July 26. Based on the maximum offering price, the company expects to raise up to 341M USD.

The expected volume of shares in free float will amount to about 40 percent. The joint book-runners and organizers of the IPO were Deutsche Bank and Troika Dialog. The total capital allocation to Valinor is divided into 35 million shares, of which nearly 90 per cent are owned by Valars Management Ltd, in which 85 percent belongs to businessman Cyril Podolsky. Another 9.99 percent stake in Valinor belongs to Deutsche Bank, which is a major creditor of the company according to Reuters.

UAIndex