PhosAgro announces London and Moscow IPO plans

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Russian fertilizer producer, PhosAgro, has officially confirmed its intentions to hold an IPO in London and Moscow, without specifying a timeframe or placement size.

The company says it will offer existing ordinary shares to Russian investors and Global Depositary Receipts (GDR) to institutional investors outside the country. The Federal Service for Financial Markets has approved a placement of about 2.7 million shares in form of GDRs, or 21.35% of the share capital, abroad.

Among Joint Global Coordinators are Citi, Renaissance Capital and Troika Dialog, with Citi, Renaissance Capital, Troika Dialog, Credit Suisse and BMO Capital Markets acting as Joint Bookrunners of the Global Offering and Raiffeisenbank acting as Co-lead Manager.

PhosAgro CEO Maxim Volkov says the company has every reason to expect a positive response from investors.

“PhosAgro’s business is built on quality assets, a strong track record of production and an experienced management team.We believe we are well positioned to continue to be a leading global player in our field and are looking forward to our IPO, sharing our success with investors and enjoying the benefits of capital markets access.”