UK, London: Efes Breweries International N.V. toasted its debut on the London Stock Exchange on Friday, October 15, 2004 as its shares rose a fifth from their issue price in a $700 million flotation, according to Reuters.

The London-listed shares of the international brewing company rose to $28 in morning trade, up 20 percent from the flotation offer price of $23.25. Traders in London said the placing was 5 times oversubscribed.

Efes, whose parent company Turkey's Anadolu Efes sold down its stake to 70 % from 85 % in the flotation, said earlier this month that it was planning the deal to raise money to expand in eastern Europe and Asia. The firm said on Friday it had raised $119 million of new money from the flotation.

Based on the offer price of $23.25, the firm had a market capitalisation of around $688 million. With shares trading at $27, it has a stock market value of around $830 million. "We are delighted by the reception which investors from all over the world have given to the IPO of our company," Chief Executive Muhtar Kent said in a statement.

Efes, which will continue to be based in the Netherlands, is one of Russia's top three brewers having taken advantage of a market which has grown at 15 percent a year since 1999.

Investment bank Credit Suisse First Boston (CSFB) acted as sole bookrunner for the deal. ABN AMRO Rothschild and United Financial Group were co-lead managers. Allen & Company acted as the U.S. selling agent.

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