GPH is anticipating an offer size of approximately $250m which will include a primary offer of $75m.
Provider of key infrastructure and services to the cruise industry, serving 7.8m passengers annually, GPH’s business has doubled since 2014 across 14 ports in eight countries.
Its current portfolio consists of 14 cruise ports including six added in the last 18 months.
It plans to use the majority of the net proceeds that it receives from the offering to acquire and develop new ports and has identified cruise port acquisition targets, including nine ports in Europe, seven ports in the Caribbean and four ports in Asia.
In addition to the cruise operations, the company operates two commercial ports Antalya and Adria-Bar which specialise in container, bulk and general cargo handling, as well as marine services for cargo ships.
GPH achieved 13% compound annual growth rate in revenue between FY14 and FY16 (FY14: US$91m; FY16: US$115m) and a 14% compound annual growth rate in segmental EBITDA over the same period (FY14: US$62m; FY16: US$81m).
It has delivered high segmental EBITDA margins (FY14: 68%, FY15: 70%, FY16: 70%) in this period and strong cash conversion, (FY14: 79%, FY15: 89%, FY16: 88%) as a result of its capex light model, resulting in sustainable dividend payments.
GPH’s experienced management team is led by ceo Emre Sayin, with an established international track record of operational excellence and supported by chairman and co-founder, Mehmet Kutman, who received the Seatrade Cruise Personality of the Year Award in 2016.
GPH expects to pay a minimum dividend of US$25m in 2017, and expects dividends to grow broadly in line with earnings after that.
Sayin referred to the listing on the London Stock Exchange as ‘an exciting milestone for the company.’
He added, ‘We have a proven track record of transforming traditional cruise terminals and delivering excellent customer experience through a modern infrastructure and customer oriented service offerings in all our locations, similar to the strategies that have been successfully implemented by airport operators to target non-aviation revenue streams, whilst consistently delivering growth in revenue and margins.’
The ipo will comprise an issuance of new ordinary shares by GPH and existing shares being offered by a wholly owned subsidiary of Global Yatırım Holding A.Ş. (GIH), the parent company of GPH.The ipowill comprise an offer of shares to certain UK institutional investors and elsewhere outside the US.
Barclays Bank PLC, Citigroup Global Markets Limited and Goldman Sachs International have been appointed as joint global coordinators, and together with VTB Capital plc as joint bookrunners.