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IPO experience

Myronivsky Hliboproduct Group

Eurobonds attraction and restructuring. Myronivsky Hliboproduct Group (hereinafter, MHP) is a leading agriculture company of Ukraine. In May 2010, as a result of Eurobond listing on the London Stock Exchange, MHP raised 330 million US dollars, and the company also restructured the 250 million US dollar debt in Eurobonds, which the Group received in November 2006.

Initial Public Offering (IPO). In May 2008, MHP listed its shares on the London Stock Exchange. Despite unfavorable market conditions, the company was valued at more than USD 371 million through the trading of global depositary receipts (GDR), and the IPO became one of the largest ever by a Ukrainian company. Deloitte conducted an audit of the company and provided advice on taxation issues, as well as financial consultations and other services related to the preparation of an IPO (comfort letters, assistance in preparing certain parts of the prospectus, advice on the impact of tax on the company’s operations).

Eurobond issue.
Deloitte audited financial statements of Myronivsky Hliboproduct (MHP), which issued 7-year Eurobonds in late March. This is one of the most successful Eurobond issuances in the Ukrainian market for past few years. The Eurobonds worth USD 750 million at 8.25% per annum, due in 2020. Fitch Ratings, an international rating agency, has assigned a ‘B’ rating to the issuance of Ukraine’s agriculture company.


“We have worked with Deloitte for 7 years. In that time, MHP has not only become the unchallenged leader among agricultural companies in Ukraine, but now has its shares traded on the London Stock Exchange as well. Deloitte has supported us along every step of this journey. I can assure you that Deloitte means professionalism and reliability.” 


Victoria Kapelyushnaya, Deputy Chairperson of the Board, Financial Director, and Member of the Audit Committee of OJSC Myronivsky Hliboproduct

Westa Group

Westa, a holding company for the Ukraine’s largest accumulator manufacturer, has been a client of Deloitte since 2007. Westa is the acid and lead accumulator sales leader in the CIS region with a market share of 16% (including 31% in Ukraine, and 12%  in Russia). The Group is one of the five largest accumulator manufactures in Europe with annual production capacity reaching 7.6 million nominal batteries.

Initial Public Offering (IPO). In June 2011, Westa conducted an IPO on the Warsaw Stock Exchange. Deloitte conducted an audit of the company and provided services related to the issue of shares.

OJSC Oschadbank

Issue of Eurobonds. Deloitte’s client Oschadbank successfully listed 5-year Eurobonds worth USD 500 million. The interest rate was 8.25%. Given the current economic situation, this is a record sum for a Ukrainian first-time issuer. The conditions for the transaction had been the most favourable for both state and commercial companies in the last two years. For 4 months, a team from Deloitte was involved in auditing the 9-month financial statements of the company and lent support preparing the prospectus. The bank’s management highly praised the dedicated work of our team. In addition, we received very positive feedback from the managers in charge of the transaction.

Eurobond issue.
In March 2013, OJSC Oshchadbank, Deliotte’s client, re-offered the issue of 5-year Eurobonds worth 500 million US dollars at 8.875% per annum. Fitch Ratings, an international rating agency, has assigned ‘B/RR4’ final ratings to the 500 million US dollar Eurobond issuance of Oshchadbank, a state savings bank that is a member of one of the largest banking groups.


  • Andriy Bulakh
    Partner, leader of IPO initiative
  • Anna Kovinska
    IPO coordinator

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