Kazakhstani mobile operator Kcell announced its intention to conduct an initial public offering of its shares in the form of global depository receipts (GDRs) and a concurrent offering in Kazakhstan in the form of common shares. The offering will comprise the sale of existing shares held by Sonera Holding, a wholly owned subsidiary of TeliaSonera, of up to 25 percent of the shares in Kcell. TeliaSonera is required to sell the stake under the terms of its original acquisition of a stake in Kcell from Kazakhtelecom. Kcel CEO Veysel Aral told the Financial Times that the group would aim to list the majority of the shares in London in order to develop an international investor base, with a smaller portion of shares listed in Kazakhstan. TeliaSonera will remain the majority owner of the group with a 62 percent stake. Kcell is the largest operator in Kazakhstan with almost half of subscribers and a 57 percent share of revenues.
