Turkey’s Global Ports Holding (GPH), the largest international operator of cruise ports, on April 19 announced a $250mn float planned for the London Stock Exchange (LSE).

“GPH is anticipating an offer size of approximately $250mn which will include a primary offer of $75mn. In addition, there will be a sale of ordinary shares by a subsidiary of GYH [Global Yatırım Holding, parent company of GPH], the amount of which is to be decided,” the LSE said in a statement.

The Istanbul-based operator, which in March appointed British Labour party grandee and former EU trade commissioner Peter Mandelson to its board, added that it would pay a minimum dividend of $25m in 2017.

“[The] intention is to proceed with an initial public offering of ordinary shares on the Standard listing segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange,” the statement added.

The Financial Times on 19 April reported GPH as saying that the majority of proceeds from the IPO will be used to “acquire and develop new ports”.

It quoted the company as adding: “GPH has identified and is in discussions with a number of cruise port acquisition targets, including nine ports in Europe, seven ports in the Caribbean and four ports in Asia.”

Global Yatirim Holding is planning an IPO roadshow for May.

The IPO will be finalised next month, GYH said on April 19 in a filing with the Istanbul Stock Exchange.

Barclays, Citigroup, Goldman Sachs International and VTB Capital have been appointed as bookrunners for the IPO, while Shore Capital is the lead manager.

GPH is the world's largest independent cruise port operator by number of ports and passenger volume. It operates 14 ports in eight countries, serving cruise liners, ferries, yachts and mega-yachts.