EuroChem Group AG, the Russian fertilizer maker controlled by billionaire Andrey Melnichenko, is considering an initial public offering, people familiar with the matter told Bloomberg. The company has held preliminary discussions with potential advisers about listing as soon as next year, according to the sources, who said no final decision has been made. A Zug, Switzerland-based spokesperson for the company declined to comment.
EuroChem posted record earnings in the first half of this year, helped by soaring prices for nitrogen fertilizers as an energy crunch in Europe drove up the cost of natural gas – their key feedstock. EuroChem makes all three of the main types of fertilizers – potash, phosphate, and nitrogen – and has operations in Russia and Europe.
Russian companies have raised about $3.4 billion in IPOs on various exchanges in 2021, the most in a decade, according to data compiled by Bloomberg.