One of the greatest primary open offerings approaching in London this year is under plea after a former shareholder of Uralchem asked the Financial Services Authority to stop the listing.
Uralchem, one of Russias greatest fertilizer companies, is formulation to lift up to $640 million by floating shares on the London Stock Exchange.
It is due to proceed roadshows subsequent week, carrying primarily behind assembly investors since of the new transport intrusion caused by volcanic ash. Morgan Stanley, Renaissance Capital and UBS have been allocated bookrunners and lead managers.
However, a former vital shareholder in Uralchem is attempting to retard the listing, The Times has learnt.
According to a chairman informed with the matter, lawyers from American organisation Brown Rudnick lodged a censure with the FSA on Monday asking the regulator to secrete capitulation of the handbill since of concerns about the company"s solvency.
UralChem pronounced last night: All the report about the companys monetary position is disclosed in the rough handbill in the right order, based on audited monetary statements . . . Neither the association nor the subsidiaries have had any claims or orders from state authorities per its solvency. Morgan Stanley and the FSA declined to comment.
Uralchem is one of multiform big companies from the former Soviet Union preparing to list in London. If the IPO goes ahead, it will be one of the biggest by a unfamiliar association in London in new years.
The company, that is purebred in Cyprus, plans to sell a 40 per cent interest and has set a cost range that values it at in between $1.2 billion and $1.6 billion. It intends to make use of the supports lifted to pay off debt.
Uralchem is tranquil by Dmitry Mazepin, one of Russias richest businessmen with a happening estimated by Forbes repository at $950 million. Before Uralchem, Mr Mazepin was emissary head of Russias Federal Property Fund and briefly ran Sibur, a petrochemicals company.
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