Support The Moscow Times!

PhosAgro Names 6 Banks for IPO

PhosAgro, the world's second-largest maker of phosphate fertilizers, hired six banks for its planned initial public offering in London, according to two people with knowledge of the matter.

The Moscow-based company chose Citigroup, Renaissance Capital, Troika Dialog, Sberbank, Bank of Montreal and Credit Suisse Group to manage the sale, which may happen as early as June, said the people, who declined to be identified because the information is confidential.

PhosAgro is pressing ahead with its IPO in London even after at least four Russian companies postponed stock sales in the city this year. Russian Helicopters and three others delayed plans to raise a total of about $3 billion, citing market volatility.

PhosAgro, whose larger competitor is Mosaic Company, applied to list 21.4 percent of its shares on the London Stock Exchange, according to a company filing last month.

Timur Belov, a spokesman for PhosAgro, declined to comment Friday.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.