Georgian property developer GRDC aims to raise as much as $200 million via an initial public offering in London later this year when it hopes the political scene will have settled, GRDC's co-founder said on Wednesday.

Bank of Georgia is so far the only company from the former Soviet state listed on an overseas stock exchange although the Tbilisi-based Internet provider Caucasus Online has also said it will sell stock in London in 2008.

"We plan to sell stock on the London Stock Exchange in the fourth quarter of 2008," Badri Japaridze told Reuters in a telephone interview.

"How big the sum raised will be, I can't tell you now but I assure you it won't be less than $100 million, maybe it will be $150 million, maybe $200 million."

Japaridze declined to say how big a stake was to be sold. GRDC, or Georgian Reconstruction and Development Company, was founded in 2004 by foreign investor Bob Meijer and local partners Mamuka Khazaradze and Badri Japaridze.

The company's portfolio includes 22 large construction projects in and around the capital city of Tbilisi.
Its Web site said its portfolio was valued at about $290 million the guardian reported.