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Friday, June 1, 2007

First TMM's IPO

TMM (Kiev) placed trough IPO 13% company's stake. The issue was made using BONY's GDR with USD 15.45 per share. Total placement amount is USD 105 mln. The owner of the company and CEO, Nikolai Tolmachev said it recently. And the total capitalization of the company reached USD 800 mln.

According to Igor Mazepa, CEO of Concorde Capital, which is the underwriter of IPO, the deal will be completed next week.

The funds figure has been greater than expected, Mr. Tolmachev said. TMM intended to receive USD 100 mln. Due the session the demand exceed supple, so the TMM decided to rise proposed stake from 10 to 13%.

The company is going to invest the funds to ongoing and new project, in master planned communities, for example. We plan to build gated community, and has already acquired suitable land," he said.

TMM is the second Ukrainian developer, which placed shares on foreign stock market. Firt one was XXI Century with IPO's placement in LSE for USD 139 mln (35% share capital)