By RIA Novosti,
Moscow : Russia’s leading mineral fertilizer producer Acron is set to raise $900 million from an initial public offering (IPO) on the London Stock Exchange in July, business daily Kommersant reported on Wednesday.
Acron, Russia’s third largest mineral fertilizer producer with annual output of over 4 million metric tons and a range of 40 chemical products, announced plans to float 20% of its shares in mid-November 2007 and since then has raised its market capitalization by 171% to $4.66 billion, the paper said.
In its financial statements for 2007, Acron posted consolidated revenues of 30.9 billion rubles ($1.3 billion) under Russian Accounting Standards, with net profit (after financial investment revaluation) totaling 13.2 billion rubles ($559 million).