Kazphosphate says plans London IPO in 2009/2010
ALMATY Aug 17 (Reuters) - Kazakh phosphate producer Kazphosphate plans an initial public offering (IPO) in London in 2009-2010 and expects to raise up to $1 billion, one of its main shareholders said on Friday.
The company, which has registered the name Kazphosphate Plc in London in preparation, has a turnover of $160 million and expects to produce 65,000 tonnes of phosphate, used in fertilizers, in 2007.
"We want to increase revenues in three to four years to $1 billion," Chairman and major shareholder Nurlan Bizakov told reporters.
He said the company would be able to increase production when it secures more sulphuric acid supplies, needed in phosphate production, which is expected to happen after copper producer Kazakhmys (KAZ.L) opens a plant producing sulphuric acid in September.
On the planned IPO, he said the company favoured London but would also consider other exchanges.
"We plan ideally in the next two to three years to list on an international stock exchange," he said.
Bizakov, who gave no explanation for his $1 billion estimate for proceeds from an IPO, said the funds would be used to build a fertilizer factory and a synthetic detergents factory.
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