IPO yields $538m for Guryev

The Russian fertiliser group PhosAgro priced its initial public offering at the bottom of an indicated range, shrugging off stock-market volatility to raise $538m (£334m) for its largest shareholder, Andrei Guryev.

The listing in London saw PhosAgro become the seventh Russian company to float on overseas markets this year.

The offer valued PhosAgro, whose chairman and 10 per cent-shareholder Vladimir Litvinenko supervised the Russian Prime Minister Vladimir Putin's PhD thesis, at $5.2bn, lower than early analyst estimates of $6bn to $8.7bn.

Mr Guryev and his family own a 71 per cent stake after the IPO.