Mironovskiy Hleboproduct SA, Ukraine's biggest poultry producer, plans to hold an initial public offering in London to fund its expansion.
The company will sell global depositary receipts, Kiev-based Myronivsky said today in a statement. Morgan Stanley and UBS AG will be the joint global coordinators and bookrunners. The company plans to raise $500 million, Reuters reported, citing a person familiar with the situation it didn't identify. Ukraine, a country of 46 million people, has an economy that's expanding for an eighth consecutive year. Retail sales jumped 28 percent in the first two months of the year as the government increased social spending. Ukraine ``is a market with massive potential,'' Chief Executive Officer Yuriy Kosyuk said in the statement. The company had 36 percent of Ukraine's poultry market in 2007, it said in the statement. Sales from continuing operations rose 52 percent to $478 million. Mironovskiy also reaped 476,000 metric tons of grain in 2007. The company plans to increase its harvest by 20 percent annually. Wheat futures on the Chicago Board of Trade have almost doubled in the past year and rose to a record $13.495 a bushel on Feb. 27.