Russia's second-largest mobile phone operator MegaFon is preparing to sell shares in London in what could be the second-largest initial public offering this year and a closely-watched bellwether of sentiment in Europe's beleaguered equity markets.
The unlisted company, controlled by Russia's richest man Alisher Usmanov, asked for permission to place 123.38 million shares, or just under 20% of its stock, on the London Stock Exchange in a filing with Russian Financial Markets operator on Tuesday.
The company plans to float the shares via global depository receipts at roughly 0.10 rubles apiece, which could value the flotation at up to GBP2.4 billion (around $4 billion). It didn't give a timetable.
Usmanov, who invested early in Facebook Inc and who holds just under 30% of Arsenal Football Club, owns just over half of MegaFon. Swedish telecoms operator TeliaSonera holds roughly 35.6% but said in April it plans to reduce that to 25.1%.
"We are considering the possibility of an IPO," a spokeswoman for MegaFon said. "The dates during which a potential placement can be made will depend on market conditions."
A spokeswoman for TeliaSonera declined to comment on MegaFon's plans.
A MegaFon IPO would likely be the second-largest globally this year, after Facebook's ill-fated debut in May.
Facebook's shares listed at $38 amid huge hype and are now trading at roughly half that price. The company's inauspicous debut has heightened anxiety for companies looking to bring stock to market in Europe, which has suffered from a dearth of new issuance due to high stock volatility and continued worries about the euro-zone crisis.
During the second quarter, several European companies pulled listing plans as renewed market uncertainty over the crisis ended a period of relative calm. Among them were MegaFon -- which had planned a listing earlier in the year-- as well as specialty chemicals maker Evonik Industries AG and insurance company Talanx AG
The slowdown isn't unique to Europe. Globally, the amount of money raised through IPOs this year is around $70 billion, roughly half the $135 billion raised for the same period last
...Source: http://www.totaltele.com/view.aspx?ID=476094
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