Russian fertiliser producer PhosAgro it had set an indicative price range of $13 to $16.50 per global depositary receipt (GDR) for a listing it hopes will value the company at as much as $6.1bn (£3.8bn).
The price range is equivalent to $390 to $495 per share, the company said, giving it an equity valuation of between $4.8bn and $6.1bn.
Citi, Renaissance Capital, Troika Dialog are joint global coordinators of the floatation, which is due to be completed on 13 July.
PhosAgro has secured a petrochemical firm and a bank as cornerstone investors..
City A.M. Reporter