Rus News Journal

Uralkaly prepares the second calling on a stock exchange

Open Society Uralkaly the largest Russian manufacturer of potash fertilizers, has not left intention to spend the first IPO among the domestic chemical companies. After last year`s failure Uralkaly again considers possibility of placing of 29 % of actions at stock exchanges of Moscow and London. Branch experts believe that this time IPO can be successful as market condition minudobreny has improved, and Uralkaly could improve essentially conditions of contracts with key consumers.
that Uralkaly is going to repeat attempt of public placing of actions at a stock exchange in the end of 2007 - the beginning of 2008, have told sources in bank circles. ` Uralkaly ` again became more active, active negotiations of company management with potential anderrajterami though definitive terms of carrying out IPO are not defined yet " are now carried on; - one of interlocutors has explained. The most probable applicants for placing of 29 % of actions Uralkalija in Moscow and London sources name the Three Dialogue the Renaissance the Capital and Deutsche UFG. In the Renaissance the Capital and Deutsche UFG comments have refused, the operating director Three Dialogue Dmitry Kushaev has recommended to address to the basic co-owner Uralkalija to Dmitry Rybolovlevu. In most Uralkalii plans of carrying out IPO have indirectly confirmed. The president of the company Vladislav Baumgertner has told through a press - service that a management Uralkalija Potentially considers possibility of placing of actions in the international financial markets. technically we are quite ready to it - he has told.

Uralkaly (Berezniki, the Perm edge) - the largest Russian manufacturer of potash fertilizers. 80 % of shares of company are supervised by Dmitry Rybolovleva`s heading board of directors " Cyprian company Madura Holding Ltd; Uralkalija . Volume of output in 2006 - about 4,2 million tons of chloride potassium. A gain on RSBU - 18,5 mlrd rbl., net profit - 3,7 mlrd rbl.

last year Uralkaly already tried to spend IPO. But it is literally next day after closing of the book of demands in Uralkalii have informed that refuse placing of 22,8 % of actions, having explained it is impossibility to receive an adequate estimation of the company from potential investors (see from October, 12th, 2006). According to sources familiar with a situation, initiators of cancellation IPO there were organizers of placing - UBS and the Three Dialogue which could not provide a subscription from - for excessive inflated price. Originally the emitter planned to place actions in a range of $2,05 - 2,45 for a paper, counting on capitalisation of $4,4 - 5,2 billion Dmitry Rybolovlev after placing cancellation admitted that the market has not estimated to the full real potential of the company.

according to branch analysts, now, after the conclusion of new contracts in the basic markets on the relation of investors to " is unprecedented to the high prices; Uralkaliju has essentially changed. Recently Uralkaly has concluded the favourable contract with India (at the price of $270 for ton, see from June, 7th), and during an economic forum in St.-Petersburg - with Chinese Erlianhuote Tianyu (by data, $215 for ton). Only for the last some weeks of the quotation ` Uralkalija ` have grown on 20 % (the small share holding of joint-stock company bargains on RTS. - ), - the analyst ` tells Three Dialogue ` Michael Stiskin. - Now question IPO of the company is a matter of time. It is obvious that the basic co-owner ` ` has made of Uralkalija the strategic decision on reduction of the package to control . A fair stock value Uralkalija the expert estimates in $2,24 for the action. Thus, company capitalisation should make $4,727 mlrd (market cost Uralkalija now, proceeding from quotations of its actions, - $4,748 mlrd). An analyst Antanty the Capital George Ivanin estimates the action Uralkalija more expensively - in $2,6. last year market condition was absolutely other, this year it is much better, and it need to use. If ` Uralkaly ` declares a former price range, it is exact can to take place successfully - mister Ivanin believes. And according to mister Stiskina, in purchase of actions Uralkalija no less than all company, foreign investors - BHP Billiton or Rio Tinto can be interested.