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Acasa » » Initial Public Offering of Agrowill Group launched

Initial Public Offering of Agrowill Group launched

Vilnius, March 2008. Agrowill Group (Group), the largest agricultural group in Lithuania, announces its Initial Public Offering (IPO) which will commence on Monday, 17 March. The offering consists of a public offering to all non-professional investors in Lithuania only and an institutional offering to all professional investors outside the United States. The Securities Commission of Lithuania has approved the prospectus of Agrowill Group; also, the Group has already applied to the Vilnius Stock Exchange for conditional listing of Agrowill Group shares on the bourse’s Official List.

From the 17th of March until the 27th of March retail and institutional investors in Lithuania and institutional investors abroad (outside the USA) are invited to subscribe for approximately 25% or 6,777,777 new shares of the Group (including the overallotment option). M&A International Inc. member firm GILD Bankers acts as the lead manager and bookrunner of the offering, joined by financial brokerage company Finasta as a co-lead manager and underwriter; Nordic investment bank Öhman is a placement agent in the Scandinavian countries. Agrowill Group plans to become the first publicly traded agricultural company in the Baltic states.

“Agrowill Group currently holds a strong position on the local market. Furthermore, we see ample possibilities for profitable growth both in Lithuania and abroad. All in all, we believe, this IPO presents an exceptional investment opportunity,” Valentas Šulskis, CEO of Agrowill Group, said.

The offering price of Agrowill Group shares is in the range of between LTL 4.50 and LTL 5.50 (between €1.3033 and €1.5930) per share. The offered shares will be sold to investors on the condition that the main shares of the offering (6,100,000) are placed.

“We believe that the IPO of the agricultural company is a great opportunity for investors to take advantage of the growing prices of agricultural commodities. Both local and global demand for agricultural products is on the rise. Centralized management of several farms allows the Group to increase efficiency and value of the Group by modernising its farms and applying best practices across the board. In addition to that, the Group has a clear vision of expansion not only in Lithuania, but also in the “black earth” regions of Russia, Ukraine and Moldova.

We’re proud to be leading this exciting transaction" Šarūnas Skyrius, partner and head of the Capital Markets Group at the M&A International Inc. member firm GILD Bankers, said in a statement.

Following a successful expansion of dairy farms and crop fields last year, Agrowill Group expects its consolidated operating sales to grow 36% and reach LTL 58 million in 2008, with its EBITDA (earnings before interest, taxes, depreciation and amortisation) expected to rise by 46% to LTL 23 million. The Group's net profit is targeted at almost 20% higher, at LTL 11.5 million.

According to unaudited data for 2007, the sales of Agrowill Group from main operations (excluding property revaluation according to IFRS) totalled LTL 43 million (€12.45 million), up by 57% year-on-year, while its net profit from main operating activities grew almost three-fold to reach LTL 9.8 million (€2.84 million).

www.agrowill.lt For further information, please contact: M&A International Inc.
Christopher Scales, Executive Director, +34 678 549 330, mailto:cps@mergers.net
Melanie Berthelot-Verhaeghe, Head of Marketing, +34 646 740 259, mailto:melanie.berthelot@mergers.net