Phosagro finds foreign friends

International investors rallied to the $538m IPO of Phosagro to such an extent that the deal could have taken place even without the support of local institutions and corporate, said one banker close to the deal. Phosagro priced at $14 a GDR on Tuesday evening and in conditional trading on Wednesday kept to a narrow range around the offer price, falling as low as $13.90 and inching to a high of $14.05.