"Georgian Railway" might sell quarter of its shares

"Georgian Railways" is planning to sell up to 25 percent of its shares on the London Stock Exchange through an Initial Public Offering (IPO) in May, Trend reports.

The shares will be placed at the London Stock Exchange in the form of global depositary receipts (GDR), the Ministry of Economy of Georgia said on Monday.

In 2011, more than 95 percent of the company's profit accounted for freight transportation. The company's profit before income tax expenses, accrued interest and amortization (EBITDA) amounted to 155.6 million dollars in 2011, and the margin of profitability (EBITDA margin) – to 54,4 percent, which is "one of the highest rates in the railway industry on a global scale," the statement reads.

Managers of "Georgian Railways" have selected Citigroup and Goldman Sachs International for conducting negotiations on the IPO shares.