Kazakhstan’s largest mobile carrier Kcell has priced its shares between US$10.50 and US$13 for its upcoming IPO, where a quarter of the company will be floated in London and Kazakhstan.
In an announcement made by Kcell today, the telco put its market…
Kazakhstan’s largest mobile carrier Kcell has priced its shares between US$10.50 and US$13 for its upcoming IPO, where a quarter of the company will be floated in London and Kazakhstan.
In an announcement made by Kcell today, the telco put its market capitalisation between US$2.1bn and US$2.6bn, meaning it hopes to raise between US$525m and US$650m from the offering of 25% of shares.
Nordic telco TeliaSonera currently holds the 50 million shares which will be sold in the IPO. The company owns 86.9% of Kcell and will reduce its stake to 61.9% if the float is successful.
Credit Suisse, UBS and Visor Capital are acting as joint global coordinators and joint bookrunners of the London IPO. Renaissance Capital is acting as a joint bookrunner and Halyk Finance is acting as a co-manager. The Kazakhstan float is being led by Visor Capital.
The Kcell float comes hot on the heels of Russian telco MegaFon’s IPO on the LSE, which received a muted response this week and resulted in shares being sold right at the bottom end of the pricing range.
Kcell’s bookbuilding and roadshow commenced today and is expected to end on 11 December.
“We are very pleased to have come this far in the process,” said Lars Nyberg, president and CEO of TeliaSonera in a separate statement. “Kcell is an important part of our global operations and one of the most successful subsidiaries of TeliaSonera. A listing of Kcell will create value for our shareholders through higher liquidity and visibility, as well as through a retained long-term strategic control.”
