VGP launches IPO on Euronext and Prague Stock Exchange

VGP, the Czech real estate development and management group focusing on semi-industrial property in Central Europe, has allocated EUR 55 mln in shares through listings on Euronext and the Prague Stock Exchange. Priced at EUR 15.25 per share, the company offered more than 3.3 million new shares with just over 304,000 additional over-allotment shares. KBC Securities was global co-ordinator and book runner for the offering while ING Belgium acted as co-lead manager.

'We are delighted to have successfully completed our IPO after having sailed turbulent markets over the past few weeks. Despite these difficult markets that have caused other ongoing IPO-processes to be pulled or revised in terms of structure/pricing, we have received a warm welcome from retail investors both in Belgium and the Czech Republic and have been able to secure interest from solid institutional investors, demonstrating the strength of our business model and the strong prospects that lie ahead of us,' said CEO Jan Van Geet.

VGP's logistic projects and semi-industrial parks are located in the Czech Republic, Slovakia, Hungary and Latvia. The company's flagship logistics park in Prague's Horni Pocernice will be one of the largest in the country. The tenants include Siemens VDO, IKEA and Lekkerland.

Russian developer Teorema Holding announced earlier this week that it was postponing its IPO due to 'current market conditions'.