11 Jun 2014 - 14:17
Up to 100 investors from around the globe have purchased shares in TBC Bank since it launched on the London Stock exchange this morning.
Prime Minister Irakli Garibashvili is in London to celebrate the achievement and said since the shares went live, up to 100 highly reputable institutional investors from Great Britain, United States of America and other European countries had purchased TBC Bank shares.
London Stock Exchange welcomed the Georgian bank to the main market after the company listed its Global Depositary Receipts (GDRs) today.
TBC Bank, the largest bank in Georgia by retail deposits, raised $239 million USD (400 million GEL) at its initial public offering (IPO), giving it a market value of $640 million (1.13 billion GEL).
To mark the first day of unconditional trading of the company's GDR) on London Stock Exchange's International Order Book, Georgian Prime Minister Irakli Garibashvili joined TBC Bank chairman of the Supervisory Board Mamuka Khazaradze to open trading on the London markets this morning.
When commenting on the successful IPO, Khazaradze said he was very pleased the offering of the bank’s GDRs received such a significant level of interest from a broad range of investors across the world.
"We welcome our new shareholders and look forward to embarking on the next phase of our development as we benefit from the major growth opportunities represented by the Georgian economy," Khazaradze said.
"When my friends and I established TBC Bank in 1992 with $500 USD (880 GEL), we believed this kind of value would come. We are very happy and proud to be a Georgian company and join the London Stock Exchange. We are committed to raising the value for shareholders,” he added.
PM Garibahsvili welcomed TBC Bank’s initial public offering and said: "the success of the transaction repeatedly proves investors are convinced that Georgia is a stable and predictable market”.
Garibashvili said the bank deserved a special mention in terms of appearing on the London Stock Exchange, as the company now reached hundreds of international investors in the United Kingdom, the United States and more.
"This is the largest public offering of any Georgian company on a stock exchange. Up to 100 highly reputable institutional investors from Great Britain, United States of America, Scandinavia and other countries of Europe have already purchased TBC Bank's shares,” he said.
Xavier Rolet, CEO of London Stock Exchange Group believed TBC Bank’s listing demonstrated London's ability to finance ambitious, growing companies from around the world.
"We're delighted to welcome TBC Bank to our markets today. TBC Bank's listing also clearly shows that Georgian companies can attract the world's largest investors and international visibility without compromising their ability to develop a domestic shareholder base," Rolet said.
From its foundation as one of the first privately-owned banks in Georgia in 1992, TBC Bank has played an innovative role in the development of the Georgian economy, providing new financial services and supporting the growth of local businesses.
The bank today serves around one million customers through 116 branches, a broad range of electronic banking operations, and one of the largest ATM and POS networks in Georgia.
TBC Bank is the second Georgian bank to list in London; Bank of Georgia debuted on the London Stock Exchange in 2006 and later on the main market in February 2012.
LSE welcomed the Georgian Prime Minister and TBC Bank to open trading.
— LondonStockExchange (@LSEplc) June 11, 2014