The second largest rail operator of Russia after RZD – Globaltrans Investment - estimated an IPO at $1.3-1.75bln. Cyprus company Globaltrans announced price range for IPO on LSE - $11.5-15 for GDR (one GDR per one stock). On the basis of it, the company was estimated at $1.35-1.75bln. Road-show began on April 16, 2008. In the course of IPO 29% of Globaltrans stocks will be sold. About 50% - from additional stock issue and the share of holders: Transportation Investment Holding Ltd. (holds 70% of Globaltrans stocks) and Envesta Investment Ltd (30%). Transportation is managed by top-managers of N-trans Konstantin Nikolayev, Nikita Mishin and Andrey Filatov (till 33%). Shareholders of Envesta Investment are General Director of Globaltrans Sergey Maltsev (51%) and Chairman of the Board of Directors of Globaltrans Aleksandr Yeliseyev (49%). The company plans to raise about $224.7mln to be spent for redemption of a $50mln debt, investment program, including the purchase of rolling stock, Globaltrans said in a memorandum. The placement will be held in the middle of announced range, the company costs are about $1.5bln. As it is the first Russian freight operator, who decided to hold IPO, experts believe investors will demonstrate high demand for stocks, the Vedomosti newspaper reported.