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. Last Updated: 07/27/2016

TKS-Management Plans IPO in 2009

KIEV -- One of Ukraine's largest real estate developers plans to list on a foreign stock exchange after placing a 22 percent equity stake for $39.6 million among foreign institutional investors, its financial adviser said.

Concorde Capital said Thursday that TKS-Management planned an initial public offering of 15 to 20 percent of its shares in 2009 and would borrow on foreign markets next year, after the placement valued the company at $180 million.

"The placement was very successful because it was two times oversubscribed," Concorde Capital's Oleksandr Omelchuk said.

TKS is the largest developer in western Ukraine, handling office and retail-center projects. The market is developing fast, boosted by solid economic growth, an expansion of the service sector and interest from foreign investors.

TKS general director Ivan Torskyy said the company had not yet decided whether it would borrow on international credit markets or whether it would issue eurobonds.