Sept. 29 (Bloomberg) -- Notore Chemical Industries Ltd. of Nigeria, a producer of fertilizer, plans to raise at least $300 million “sometime next year” in an initial public offering to finance its expansion, an official said.
The company will use the funds raised from its listing on the Nigerian Stock Exchange to build a second production plant at its factory at Onne in southern Nigeria, Ikponmwosa Izedonmwen, the company’s head of corporate finance, said in an interview in Lagos, the commercial capital, on Sept. 27.
Notore began production on Jan. 7, 2009, after it bought and upgraded the plant of state-owned National Fertilizer Co. of Nigeria. The plant has the capacity to produce 350,000 metric tons of ammonia a year, 500,000 tons of urea and 650,000 tons of a “bulk blend” of nitrogen, phosphorus and potassium, or NPK fertilizer, according to the company’s website.
It has an agreement with India’s Tata Chemicals Ltd. for technical advisory services, the company said on April 13.
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