PhosAgro said plan $ 1 billion London IPO

PhosAgro said to plan $ 1 billion London IPO

5:27 PM, 16th June 2011
PhosAgro said to plan $ 1 billion London IPO

LONDON, UK/MOSCOW, RUSSIA: Phosagro, the Russian phosphate fertiliser producer, may start a London initial public offering (IPO) this week, seeking as much as $ 1 billion, according to two people with knowledge of the matter.

The Moscow-based company may announce the IPO plan and the stock sale could raise $ 500 million to $ 1 billion, according to the people, who declined to be identified because the information is private. The exact amount to be raised will be decided only after talking to potential investors, the people said.

PhosAgro, whose larger competitor is Mosaic Co, applied to list 21.4 per cent of its shares on the London Stock Exchange, according to a company filing in April. The company is controlled by Russian billionaire lawmaker Andrey Guriev and his family, according to an annual report on its website.

Citigroup Inc (C), Credit Suisse Group AG (CSGN), Renaissance Capital, Troika Dialog, OAO Sberbank and Bank of Montreal (BMO) are managing the IPO, two people with knowledge of the transaction said last month. Timur Belov, a spokesman for PhosAgro in Moscow, declined to comment.

(C) Bloomberg News




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