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Russia's MegaFon confirms IPO plans

Russia-based mobile operator MegaFon intends to proceed with an initial public offering (IPO), it has been confirmed.

Depending on how the IPO turns out, TeliaSonera indicated that it could cut down its current 35.6 percent ownership of MegaFon, but would still aim to keep hold of 25 percent plus one share in the firm.

In April, Gartner analyst Katja Rudd told European Communications that MegaFon was one of TeliaSonera's "problem children".

MegaFon is Russia's second biggest mobile operator in terms of subscribers, and the biggest in terms of data revenues.

It is set to proceed with the IPO, first announced in April, on the Moscow Stock Exchange, as well as releasing shares as global depositary receipts on the London Stock Exchange in the fourth quarter of 2012.

MegaFon's chief executive officer, Ivan Tavrin, said the conditions are right for the firm's share offering.

He commented: "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."

A total of 62.1 million Russian mobile subscribers use MegaFon's services, a breakdown from AC&M Consulting recently revealed.

This translates to a market share of 27.3 percent, as of June 2012.

Источник: European Communications

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