THE collapse of a string of high-profile flotations has not deterred two Russian-backed companies, Uralchem and Acision, from drawing up plans to list in London.
Uralchem, Russia’s largest fertiliser manufacturer, has appointed three investment banks to advise on an initial public offering that will raise around $400m (£259m). UBS, Morgan Stanley and Renaissance Capital have been brought in to handle an offering of around 20 per cent of Uralchem’s shares in March. The initial public offering (IPO) on the London Stock Exchange will be accompanied by a listing in Moscow, with the proceeds going towards paying down the group’s $868m debt.
UBS and Renaissance Capital could not be reached for comment. Morgan Stanley declined to comment.
Meanwhile, mobile phone technology company Acision, which is owned by Russian-American tycoon Len Blavatnik, is understood to be eyeing a £400m flotation later in the year.
No advisers have been appointed and Blavatnik is said to be wavering after airline booking firm Travelport, clothing outlet New Look and theme park operator Merlin Entertainments scrapped plans to float.
Blavatnik also has a role in oil venture TNK-BNP which in turn part-owns Oleg Deripaska’s Rusal. The aluminium firm suffered a rocky debut to the Hong Kong market earlier this month.