Dewey & LeBoeuf has represented Citibank, N.A. as depositary receipts servicer and Citigroup Global Markets Deutschland AG as depositary on OJSC PhosAgro’s US$538 million initial public offering (IPO) in the form of shares and global depositary receipts on the London Stock Exchange (LSE).

The IPO represents 10.3% of PhosAgro’s total share capital. The stake was sold by shareholders Adorabella Ltd and Miles Ahead Management Ltd. 

Citigroup Global Markets Limited acted as joint global coordinator alongside Renaissance Capital and Troika Dialog, and as bookrunner alongside Renaissance Capital, Troika Dialog, Credit Suisse and BMO Capital Markets. Raiffeisen Bank International acted as Co‐lead Manager. 

PhosAgro, a Russia-based producer of phosphate fertilizer, is the largest phosphate‐based 

fertiliser producer in Europe and the world’s largest producer of high‐grade phosphate rock. 

Partner Bruce Johnston, who led the Dewey & LeBoeuf team from London, commented: “We’re very pleased that this IPO has been such a success, demonstrating PhosAgro’s strong market position. As one of the leading firms for capital markets work in Russia and the CIS, we anticipate an increasing interest in flotations amongst leading businesses in the region, and it’s encouraging to see that interest reflected in the response from investors.” 

Mr. Johnston advised Citi alongside Moscow Partner Vasilisa Strizh, working with Associates Kirsten Rodger and Patrick Lyons in London and Associate Valentina Semenikhina in Moscow.