Initial public offering was oversubscribed, well above the 4.88 million shares initially offered.
French farming group AgroGeneration, a grain and oilseed producer in Ukraine, raised $16.3 million from the sale of a 16.4 percent stake in an initial public offering on the NYSE Alternative Exchange Paris, investment bank BG Capital reported in a note to investors on July 21.
Last year, AgroGeneration floated a 25 percent stake in Paris in a $17 million private placement. Both new and old shares were assimilated and admitted to trading on July 20. The company operates six farms covering 50,000 hectares in Ukraine.
Investment Capital Ukraine, a Kyiv-based investment bank, said the offering was 43 percent oversubscribed, well-above the 4.88 million shares initially offered.
AgroGeneration farmed almost 40,000 hectares in the 2009/2010 marketing year and harvested 120,000 tons of grains, primarily wheat, corn and barely, as well as rapeseed and sunflower. The company plans to expand its land bank to 100,000 hectares by the end of 2012.