London Stock Exchange welcomes Georgia’s TBC Bank to the Main Market
- Georgian Prime Minister, Irakli Garibashvili joins TBC Bank Chairman of the Supervisory Board to open London Trading
- IPO raises $239m valuing company at $640m
- GDRs to trade on London Stock Exchange’s International Order Book
London Stock Exchange today welcomes TBC Bank to the Main Market following its listing of Global Depositary Receipts (GDRs). The company, the largest bank in Georgia by retail deposits, raised $239m at IPO, giving it a market value of $640m.
To mark the first day of unconditional dealing of the company’s GDRs on London Stock Exchange’s International Order Book, Georgian Prime Minister, Irakli Garibashvili and TBC Bank’s Chairman of the Supervisory Board, Mamuka Khazaradze opened trading on the London markets this morning.
Xavier Rolet, CEO, London Stock Exchange Group said:
“We’re delighted to welcome TBC Bank to our markets today. Its listing demonstrates once again London’s ability to finance ambitious, growing companies from around the world. 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.”
Mr Mamuka Khazardze, Chairman of TBC Bank, said:
“We are delighted to have successfully completed our Listing on the London Stock Exchange. 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.”
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 Main Market in February 2012.
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