Turkish-Russian developer Renaissance Real Estate Investment (RGY) has announced that it will list its shares on the Istanbul Stock Exchange on 20 May. It hopes to raise EUR 176 mln to EUR 258 mln in its initial public offering.
RGY (Rönesans Gayrimenkul Yatirim) has completed 13 high-yielding shopping centre and office projects in Turkey and Russia and has assembled a portfolio of 30 properties.
The top management of RGY, which will allocate 70% of its IPO to international institutional investors, has been holding roadshow meetings with the prospective investors in Europe, US and Dubai since April 20.
The IPO will be through a combination of 23.1% primary shares and 2% secondary share sales. The book building price range for the IPO has been set as TL 5-6.40 (EUR 2.24 - EUR 2.87) per share.
The joint global coordinators of the IPO process are Garanti Yatirim, Credit Suisse and Deutsche Bank.
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