Phosagro Plans IPO Next Month

Phosagro (Saint Petersburg), Russia's biggest producer of phosphate fertilizers, says it is planning an initial public offering (IPO) in London and Moscow next month. The company says it has been given regulatory approval to list 2.6 million shares or about 21% of it share capital outside Russia. However, the company is expected to float a smaller stake estimated at 10%-15%. Phosagro aims to raise $500 million-$1 billion through the IPO from the sale of existing shares, sources say. The price of shares sold in the IPO is due to be announced in mid-July. Russia's...

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