PhosAgro to raise $538 mln in London IPO at $14 per GDR
2011-07-14 10:18:35
Russian fertilizer holding company PhosAgro is expected to raise $538 million, excluding an over-allotment option, in an initial public offering in Lodon after its offer price was set at $14 per GDR, the company said on Wednesday.
The offer price was set closer to the lower end of the company's price guidance of $13-16.5 per GDR. The IPO proceeds may rise to $594 million if the IPO managers exercise their option.
The company was valued at $5.2 billion.
One share is equal to 30 GDRs.
Fertilizer producers have appreciated in value significantly in recent years due to worldwide food shortages and production of biofuels.