News
BGI advises on TBC Bank IPO and listing on London Stock Exchange
BGI Legal has recently advised the joint bookrunners on TBC Bank's IPO and listing on the London Stock Exchange.
TBC Bank JSC, the leading Georgian bank, was admitted to London Stock Exchange on 11 June 2014, with the price of the global depositary receipts (GDRs) listed exceeding GEL 400,000,000. The global offering of total 20,200,000 GDRs included both primary component and secondary shares coming from the existing shareholders.
BGI's team comprised Lasha Gogiberidze, Unana Gogokhia and Sandro Bibilashvili.
Barclays and UBS acted as joint global coordinators and joint bookrunners for the flotation with Renaissance Securities (Cyprus) Limited acting as a bookrunner and Peel Hunt as co-manager.
“Listing of our stock on London Stock Exchange is a recognition that TBC Bank, as a financial institution corresponds to the world's highest standards. Moreover, the IPO allows us to further improve our business processes and ensure that the Bank's corporate governance is aligned with international best practices. What is most important, this is an enormous investment, which will support the development of the Georgian economy and increase investor confidence towards companies operating in Georgia – factors that ultimately contribute to the country's long-term economic development.” stated TBC Banks CEO Vakhtang Butskhrikidze.
Lasha Gogiberidze commented, "BGI Legal was delighted to be involved in this significant listing which will have a positive impact on the development of the Georgian economy."