The roadshow for the IPO of Russian telco MegaFon in London is coming to a close tomorrow.
So far, the marketing campaign is said to have received “good responses from investors”.
TelecomFinance understands that a book-building meeting will be held…
The roadshow for the IPO of Russian telco MegaFon in London is coming to a close tomorrow.
So far, the marketing campaign is said to have received “good responses from investors”.
TelecomFinance understands that a book-building meeting will be held tomorrow at which a decision on pricing will be made, paving the way for conditional trading to launch on Wednesday.
Following last week’s Thanksgiving celebrations, it is expected that crucial orders from the US will come in today.
The indicative price range for the IPO of up to 20% of MegaFon shares had been set at US$20 to US$25 per share, which means the sellers, TeliaSonera and MegaFon Investments (MICL), could raise up to US$2.3bn.
The Sunday Telegraph reported yesterday that a last minute surge could result in a price of about US$22.50 per share.
Over recent days the sellers had attempted to quell concerns with regards to governance questions after Goldman Sachs decided not to participate in the IPO process as a lead manager.
Last week, MegaFon announced the appointment of former UK treasury minister Lord Paul Myners as a new independent board director. Later that week Russian billionaire Andrei Skoch gave a rare interview to the Financial Times in which he detailed his business relationship with MegaFon owner Alisher Usmanov going forward.
Skoch is set to acquire an indirect 30% minority stake in a holding to be set up by Usmanov that will be the umbrella company for his investments, including Usmanov’s majority stake in MegaFon.
In the interview Skoch reassured investors that he would not play an active role in running the new holding, and that Usmanov would continue to decide on strategy.
Morgan Stanley and Sberbank are joint global coordinators and joint bookrunners for the IPO, and Citi, Credit Suisse and VTB Capital are acting as joint bookrunners.
