Bookrunners give wide value to Acron ahead of float

MOSCOW, July 7 (Reuters) - Bookrunners of a secondary share offering of Russian fertiliser firm Acron (AKRN.MM) gave it wide valuations from $7.2 billion to $10.8 billion, with a price range to be released later, banking sources said on Monday.

Acron has said it plans to sell up to 10 percent of its stock via a London offering and had appointed Morgan Stanley and UniCredit as joint global coordinators and joint bookrunners, and Alfa Capital Markets as co-lead manager.

One source familiar with pre-float research by Alfa said the bank had valued Acron at $9.4-$10.8 billion based on earnings multiples and at $7.2 billion based on discounted cash-flows.

Interfax news agency also reported on Monday that pre-float research by UniCredit had valued Acron at $8.2-$9.4 billion, suggesting a potential price range of $170-$200 per share.

Acron closed at $126.4 per share on Monday, down 0.9 percent. Market sources told Reuters the company was looking to raise $150 per share. The firm has said it wants to raise around $1 billion from the float.

Fertiliser stocks have reached record levels this year, driven by a sharp increase in demand for soil nutrients coinciding with an unprecedented global supply shortage. Russian companies rank among the world's top suppliers.

Acron's shares are traded on Russia's RTS and MICEX exchanges. Acron's Moscow-traded stock has quadrupled in value in the last year.

The roadshow is expected to begin on July 14 and take place in London, in a number of cities on the U.S. east and west coasts, as well as in Hong Kong and Dubai, with books closing in early August. (Reporting by Dmitry Sergeev, writing by Dmitry Zhdannikov, editing by Will Waterman)