Install

Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Ukrainian Egg Producer to Hold U.K. IPO

Ukraine's biggest egg producer, Avangard, is planning a stock-market float in London, the first firm from the Commonwealth of Independent States to announce a capital raising in Britain this year.

A source familiar with the deal said the group was hoping to raise $200 million from the IPO. A spokesman declined to comment on the expected returns, or the timing of the float.

The company, which has more than 16 million birds, said Tuesday that it needed funds to build and expand new facilities.

Aluminum giant United Company RusAl opted to list in Hong Kong and Paris in January, while a string of other companies are planning IPOs in Moscow.

London IPOs are reviving after equities rallied. Twelve companies managed initial offerings since the beginning of March, compared with four in February, according to data compiled by Bloomberg. African Barrick Gold's $882 million IPO on March 19 was the biggest in London since 2008.

Avangard said in a statement that its revenue grew to $320 million last year from $303 million in 2008, and it had earnings before interest, tax, depreciation and amortization of $152 million.

Russian steam coal producer Kuzbass Fuel Company confirmed on Tuesday that it planned to raise cash via a new share placement in Moscow, while seafood producer Russian Sea confirmed that it would raise up to $170 million in its own Russian IPO, scheduled for later this month.

(Reuters, Bloomberg)