Russia's Rosagro to revive plans for IPO - paper

Mon Jan 24, 2011 3:27am EST

Related Topics

* Agricultural group may have second go at float - Vedomosti

* Could raise up to $500 mln, sources tell newspaper

* Rusagro delayed plans to raise $300 mln in May 2010

MOSCOW, Jan 24 (Reuters) - Rusagro is mulling a second attempt at an IPO as buoyant capital markets prompts a string of private Russian companies to go public, Vedomosti newspaper reported on Monday, citing three banking sources.

The agricultural group, which was forced to pull an IPO at a late stage last May due to market volatility [ID:nLDE64C05V], could be looking to raise $400-500 million, one of the sources said. Two sources said the deal could take place in London.

Rusagro could not immediately be reached for comment.

The news comes as coking coal and pig iron producer KOKS prices its London and Moscow IPO in a deal that could raise around $500 million. [ID:nLDE70N0AB]

Three other companies are also expected to price shares this week in a combined offering of around $3 billion.

Rusagro had been aiming for around $300 million last year, based on a float of 20 percent of shares and a estimated valuation of up to $1.55 billion. [ID:nLDE63R02I]

Vedomosti said Rusagro -- which makes sugar, margarine and mayonnaise and breeds pigs -- had kept the same organising banks as last year: Alfa, Credit Suisse and Renaissance Capital.

The company is controlled by lawmaker Vadim Moshkovich. (Reporting by John Bowker; Editing by Louise Heavens)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.