TBC Bank of Georgia to Raise Up to $262.6 Million in IPO

TBC Bank, a Georgian lender, said it will raise as much as $262.6 million in the nation’s largest initial public offering in London.

The company will offer global depositary receipts at $13 with each representing a single share, Tbilisi-based TBC said in a statement today. TBC will have a market value of about $640 million upon completion, it said.

Investors “support our growth strategy,” Chief Executive Officer Vakhtang Butskhrikidze said in the statement. We “look forward to implementing our continued expansion” in consumer, business and “micro-finance” banking, he said.

TBC, created as one of Georgia’s first closely held banks in 1992, serves about a million customers, it said. Bank of Georgia Holdings Plc (BGEO), the Black Sea country’s biggest lender, surged 133 percent in London trading last year as frontier-nation equities outperformed those in emerging markets.

Barclays Plc and UBS AG are acting as joint global coordinators and joint bookrunners. Renaissance Capital is acting as joint bookrunner and Peel Hunt LLP as co-manager, TBC said.

Russian retailer Lenta Ltd. is among companies that plan to sell shares in February, people familiar with the matter told Bloomberg News on Jan. 11.

To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net

To contact the editors responsible for this story: Keith Campbell at k.campbell@bloomberg.net Steve Bailey

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