Turkish brewer prices London IPO
October 16, 2004
Efes Breweries International, the European arm of leading Turkish drinks group Anadolu Efes, on Friday said it had priced its initial public offering at $23.25 per share, valuing the company at about $688m. The move follows confirmation last week by the parent company that it intended to carry out a $600m-$700m initial public offering in the UK. EBI, registered in the Netherlands, intends to list in London by the end of the month in a bid to boost its exposu exposure to international investors. EBI, which is responsible for the operations of Anadolu Efes in Russia, Eastern Europe and the Balkans, plans to raise $145m-$165m from the IPO, with $107m-$122m allocated to European expansion, particularly in the fast-growing Russian market. The company said strong demand for the offer had promptedF it to increase the size of the offer by over 600,000 GDRs to an aggregate of 7.7m GDRs. The valuations are slightly lower than the top end of some estimates, suggesting residual nervousness about the state of IPOs in the UK.
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