LONDON — PhosAgro shrank the price range for its initial public offering to $13.75 to $15.75 per Global Depositary Receipt, said two people familiar with the matter.
The Moscow-based company had initially set a price range of $13 to $16.50 per GDR.
PhosAgro, led by chief executive Maxim Volkov, competes with Mosaic and Office Cherifien des Phosphates in fertilizer production. It planned to raise as much as $1 billion in the IPO, Volkov said last month. Citigroup, Renaissance Capital, Sberbank's Troika Dialog, Credit Suisse Group and Bank of Montreal are managing the sale.