PhosAgro, the largest fertilizer company of Russia had raised about US$500 million in a share offer made last Wednesday. The company's core owners have cashed in over half of the proceeds of the IPO while the rest would be returned into the business.
The deal has been priced at US$14 per global depositary receipt of about US$42 per share. This strengthens the ability to absorb the recent acquisitions as part of the broader industry integration currently underway.
The initial public offering comprises 11.1 million shares and has raised US$467 million. At this price, the company would be able to fetch a price in line with its previous IPO two years ago. The current issuances would broaden its free float and win inclusion in benchmark indices.
The main shareholders of PhosAgro are led by Andrei Guriev and the group would keep 55% of the proceeds while the remaining 45% would be reinvested into the purchase of separate issue of new shares.
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