Published: October 9, 2012
Russian mobile company plans to list in London and Moscow before the end of the year.
MegaFon, Russia’s second-largest mobile operator, plans to launch an IPO of its shares in London and Moscow during the fourth quarter.
The company will list shares on Russia’s Micex exchange and global depositary receipts in London. A date for the IPO and a fund raising target have yet to be set.
Announcing the planned deal, Ivan Tavrin, MegaFon’s CEO, said: “This is the right time for our IPO, which will support a new stage in MegaFon’s development. We have grown rapidly in recent years, increasing our market share at the expense of our peers on the back of historically high network investment and a strong brand built on excellent product innovation and customer service.
“We are now positioned to exploit the further growth potential of Russia’s mobile market as it transitions from voice to high value data and services.”
Morgan Stanley and Sberbank CIB have been appointed joint global coordinators and joint bookrunners, while Citi, Credit Suisse and VTB Capital have been appointed joint bookrunners.
MegaFon has come 62mn subscribers, representing a market share of more than 27% as of July 2012.