EBRD Said to Buy About 6.5 Million of Global Liman’s IPO Shares

The European Bank for Reconstruction and Development bought more than 6.5 million of the shares Turkish port operator Global Liman is selling in an initial public offering, according to people with knowledge of the matter.

EBRD is paying between 20.6 liras and 21.6 liras a share, according to the people, who asked not to be named because the information isn’t public. About 40 percent of the IPO shares were bought by investors in the U.S., the people said.

Parent Global Yatirim Holding AS is selling as many as 38 million shares, or 42 percent of the port unit, at between 19.6 liras and 23.5 liras apiece, to raise funds for international expansion. EBRD will have a seat on the board of Global Liman Isletmeleri AS, as the unit is formally known, a May 7 statement shows.

EBRD will buy as much as 20 percent of the IPO shares for an investment of up to $60 million, Global said May 7. The London-based bank has invested about $51 million, according to Bloomberg calculations.

Global Yatirim shares were suspended from Borsa Istanbul trade on Monday at the company’s request before an official announcement on the results of the IPO. Officials from EBRD and Global Yatirim declined to comment.

The Istanbul-based holding company picked Citigroup Inc., Renaissance Capital Holdings and Bank of America-Merrill Lynch as international banks and Ak Investment, Is Investment and Garanti Securities to manage the sale of shares to local investors, it said on Feb. 18. Unlu & Co. is acting as an IPO adviser to Global Yatirim.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE