BNY Mellon wins GDR mandate
The initial public offering (IPO) is the largest to ever occur in Georgia and is the country's second international IPO on the LSE.
Each GDR represents one ordinary share and trades on the London Stock Exchange (LSE) under the ticker symbol "TBCB". TBC Bank's ordinary shares are unlisted.
"We are delighted with the response to our GDR offering on the LSE and look forward to our future life as a publicly-traded company on an international exchange," said Vakhtang Butskhrikidze, CEO of TBC Bank.
"It is gratifying to see that so many prestigious international investors recognise TBC Bank's outstanding track record and support our growth strategy, while also demonstrating their belief in the fundamental strength and stability of the Georgian economy. We are proud to welcome our new shareholders and look forward to implementing our continued expansion in the retail, SME and microfinance sectors of our market."
TBC Bank is the second-largest bank in the country by assets, providing services to its customers across corporate, retail, small and medium-sized enterprise (SME) and microfinance.
"TBC Bank's diverse investor base demonstrates positive investor sentiment in Georgia and we hope that this deal will provide a template for other Georgian companies that want to raise capital," said Christopher Kearns, CEO of BNY Mellon's DR business.
BNY Mellon says it is depositary bank for all DR programmes in Georgia.
Found this useful?
Take a complimentary trial of the FOW Marketing Intelligence Platform – the comprehensive source of news and analysis across the buy- and sell- side.
Gain access to:
- A single source of in-depth news, insight and analysis across Asset Management, Securities Finance, Custody, Fund Services and Derivatives
- Our interactive database, optimized to enable you to summarise data and build graphs outlining market activity
- Exclusive whitepapers, supplements and industry analysis curated and published by Futures & Options World
- Breaking news, daily and weekly alerts on the markets most relevant to you