Phosagro's IPO Raises $538 Million

Phosagro (Saint Petersburg, Russia), Europe's biggest producer of phosphate fertilizers, raised $538 million from a previously announced initial public offering (IPO) on the London and Moscow stock exchanges. The company priced its London-traded Global Depositary Receipts (GDR) at $14, toward the lower end of an originally announced $13-$16.50 price range, and its Moscow-traded shares at $420. Phosagro had subsequently reduced its GDR price range to $14-$14.50. The company sold 10.3% of its equity in the IPO, which consisted of existing shares. The IPO values the...

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