PhosAgro is seeking to raise $500 million through an initial public offering (IPO) in London and Moscow, Reuters reports. The Russian fertilizer producer has set a fixed price range of $13 to $16.50 per global depositary receipt.

The IPO will value the company at nearly $6.1 billion. The company has also added a 15% overallotment option for the IPO. Citi, Renaissance Capital, Troika Dialog, Credit Suisse and BMO Capital markets are the bookrunners for the offering.

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