Global Ports Holding Forms IPO on LSE

Global Ports Holding Turkey-based cruise port operator Global Ports Holding (GPH) has formed an initial public offering (IPO) on London Stock Exchange (LSE). The company was officially listed on LSE on May 17. With the pricing of its offer at 740 pence per share, the floatation gives the company a market capitalization of GBP 465 million (around USD 605.7 million). The company said it will receive net proceeds of about GBP 51.7 million GPH which will be used to develop and expand the cruise business. “The announcement is a significant moment for Global Ports Holding and I would like to welcome our new shareholders who share our vision We look forward with confidence to the next stage of our development as a listed company,” Mehmet Kutman, Chairman/Co-Founder of GPH, said. Established in 2004, GPH operates fourteen ports in eight countries.