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Mobile & Wireless

Megafon IPO priced at low end of range

Wednesday 28 November 2012 | 09:01 CET | News
Megafon and its shareholders have raised USD 1.7 billion in an initial public offering of shares in the Russian mobile operator. The IPO was priced at USD 20 per GDR, the low end of the indicated range, giving Megafon a total market value of USD 11.1 billion. Around 15.2 percent of its shares will be publicly traded, and AF Telecom (55.8%) and TeliaSonera (29.0%) will remain its largest shareholders. The underwriters have an option to increase the number of shares sold by 10 percent, which would raise the proceeds to USD 1.9 billion. TeliaSonera said it expects proceeds of USD 1.3 billion from selling down its stake, including the over-allotment option. Megafon said it will use its share of the proceeds for debt refinancing and network expansion. Megafon shares start trading in London and Moscow on 28 November.

Categories: Mobile & Wireless
Companies: Megafon / TeliaSonera
Countries: Russian Federation
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