PhosAgro seeks $500m from IPO

The fertiliser giant PhosAgro is planning to raise $500m in its Moscow and London initial public offering (IPO) next month, the latest in a string of Russian firms to test a lacklustre market for new listings.

Launching the offering yesterday, PhosAgro's chief executive, Maxim Volkov, said the company planned to float 10 to 15 per cent of its existing shares, with Russian politician Andrei Guryev the selling shareholder.

Russian companies seeking to broaden their investor base and raise capital have been a key source of activity in a tough European IPO market this year, but so far with mixed results. Just four firms have succeeded in listing,while at least seven have had to pull floats after investors balked at valuations.