The state of Georgia announced on Monday that it plans to float a 25 per cent stake in the national railway, potentially valuing the business at £570m.
Citigate won the brief via a competitive pitch and will support international financial media and investor relations throughout the IPO process.
London-based financial practice directors Andrew Hey, David Westover and Justin Griffiths will lead the agency’s involvement alongside Marina Zakharova, a director in the agency's UK-based investor relations team.
During the process, the state of Georgia will look to highlight the strong GDP growth in the region, the transportation of growing regional oil production volumes and the expansion of its network into new transit routes.
The tracks are mainly used to move freight along the Caucasus corridor, the shortest transit route from the Caspian Sea and Central Asia to the Black Sea and Europe.
Citigate has a strong track record in London listings from emerging markets and the CIS region, working for on the IPO of Russian port operator Global Ports last year. The agency also has direct experience of rail floats, notably the privatisation of UK rail network Railtrack in 1996 and the IPO of Russian private freight operator Globaltrans in 2008.
The London IPO market in general was largely driven by floats by companies from the CIS region and other emerging markets before the global economic downturn. However, so far this year only Brunswick-advised RusPetro has completed an IPO on the London Stock Exchange from the region.
Last year a number of high-profile IPOs from the region were postponed due to market conditions, including Domodedovo airport, Russian Helicopters and the telecoms firm Euroset.