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Phosagro is latest group to get float off the ground
THE Russian fertiliser group Phosagro has narrowed the range for its planned London initial public offering (IPO) and is on track to float today with a market capitalisation of around $5bn (£3.14bn).
The company, whose shares are scheduled to begin trading on the London stock exchange today, narrowed the price range for shares to $13.75-$15.75 from an earlier $13.00-$16.50.
The Russian oligarch Andrei Guriev, who owns more than 80 per cent of the shares in the company, will sell a stake in the group of between 10 to 15 per cent.
Phosagro’s $5bn valuation will be lower than the $7-9bn envisaged at the start of the flotation process, but getting the float away will be seen as a major success given the recent turmoil in London’s IPO market.