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Kazakh property firm Chagala seeks $120 mln in London IPO

Chagala Group Ltd., a Kazakhstan property company, is seeking to raise as much as $120 million in an initial public offering in London to expand in the oil-rich former Soviet republic.

Chagala is offering 10.7 million global depositary receipts for between $7.75 and $9.75 each, the company said in a statement distributed by the Regulatory News Service today. Each proxy stock is equal to four common shares. ING Bank NV, the manager of the sale, has an option to buy a further 1.6 million depositary receipts, raising the amount sought to $120 million. „We will be well positioned to benefit as a listed company from the projected growth of the Kazakhstan property market,” Chief Executive Officer Tim Abson said. The company will announce the final price of the stock on or around February 21, Chagala said.(Bloomberg)