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Uralkali ups LSE IPO to 14.38 pct of share capital from 10 pct - report UPDATE

Thu, 11th Oct 2007 10:19

(updates to add details on Uralkali and planned listing)

on Financial) - Uralkali has decided to increase the size of its planned initial public offering (IPO) on the London Stock Exchange (LSE) to 14.38 pct of its share capital including the greenshoe option, from an original 10 pct, industry sources told Russia's Kommersant newspaper.

According to the newspaper's calculations, the potash fertiliser company could raise 1.067 bln usd via the listing.

One of the sources added that the share offering is already five times oversubscribed at the top end of the 2.80-3.50 usd range.

This source also said that bookrunners Citibank, Renaissance Capital and UBS will close their order books today and announce the subscription price for the listing tomorrow.

Uralkali is already listed in Russia, and this offering will take place both in London and the Russian Trading System (RTS) exchange.

The company pulled its London listing last October after a mine which supplies 20 pct of its potassium ore flooded, damaging its 2007 business prospects.

The newspaper added that most of the shares sold in the listing will come from Dmitry Rybolovlev's Madura Holding Ltd which controls 80 pct of the company.



Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.

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