Russian mobile operator MegaFon has applied to the Russian national securities market regulator for permission to place 123.38 million shares (close to a 20% stake) on the London Stock Exchange (LSE).
The company, in which investor Alexander Usmanov…
Russian mobile operator MegaFon has applied to the Russian national securities market regulator for permission to place 123.38 million shares (close to a 20% stake) on the London Stock Exchange (LSE).
The company, in which investor Alexander Usmanov secured a majority shareholding in April via AF Telecom as part of a major ownership reshuffle, said in a filing that the Bank of New York Mellon in Luxembourg would act as the depository bank.
MegaFon initially planned to hold an IPO of up to 20% of the company’s shares on the LSE in July, but difficult market conditions led it to postpone this listing until mid-autumn. The IPO is expected to raise about US$4bn.
A company spokesperson today said MegaFon – Russia’s second largest mobile operator – still hasn’t set a date for the IPO.
“Timing of the public offering will depend on stock market conditions,” he said.
AF Telecom owns 50% plus one share of MegaFon, Swedish telecoms group TeliaSonera owns 35.6% and MegaFon subsidiary, MegaFon Investments (Cyprus), owns 14.4%.
Announcing the ownership changes and planned IPO in April, MegaFon’s major shareholders said TeliaSonera would contribute up to 10.6% of the shares to be floated, while MegaFon would contribute up to 9.4%.
