PhosAgro, the world's second-largest maker of phosphate fertilizers, may this week start a London initial public offering seeking as much as $1 billion, according to two people with knowledge of the matter.
The Moscow-based company may announce the IPO plan on Monday, according to the people, who declined to be identified because the information is private. The exact amount to be raised will be decided only after talking to potential investors, the people said.
PhosAgro, whose larger competitor is Mosaic, applied to list 21.4 percent of its shares on the London Stock Exchange, according to a company filing in April. The company is controlled by billionaire lawmaker Andrei Guryev and his family, according to an annual report on its web site.