Ukraine shopping mall developer Arricano Real Estate joins AIM | Digital Look:
"Ukrainian shopping centre developer and operator Arricano Real Estate has joined AIM in a 241m-pound initial public offering (IPO) to increase the pace of expansion in the under-developed market in the country.
Joint brokers Smith & Williamson and Whitman Howard drummed up $24m of new cash for the company at $2.33 a share, with the shares opening at $2.50 on Thursday to give Arricano a market capitalisation of $241m.
The company, which is incorporated in Cyprus, currently owns and operates five shopping centres in Ukraine, including two in the capital Kyiv.
On flotation it used its shares to acquire four development properties, three in Kyiv and one in Odessa, for $66m worth of new shares plus a further deferred $20m on one property. "
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