Georgia is planning to sell up to 25 percent of shares in the state railway monopoly through an Initial Public Offering (IPO) on London Stock Exchange (LSE) in May, as the fast-growing ex-soviet republic seeks foreign investment.

The IPO would take place in the form of Global Depositary Receipts (GDR) to be listed on the LSE, the Georgian ministry of economy and sustainable development said in a statement. According to Reuters, Citigroup and Goldman Sachs International have been appointed as joint global coordinators and joint bookrunners.

"Our IPO will now mark another stage in Georgian Railway's evolution, bringing a greater profile and visibility to the value we are creating to support our long term expansion plans in the region," Irakly Ezugbaia, the Georgian Railway CEO, said in a statement.