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TeliaSonera expected to enjoy from the Russian Megafon IPO
Thursday, 15 November 2012
The Russian telecommunications operator, Megafon, where TeliaSonera is a part owner, has set price band for its IPO shares to range between 20 - 25 dollars apiece.
Megafon intend to raise at least USD1.7 billion through the IPO.
The company will be taking in orders until 27 November and the shares are expected to begin trading on November 28 with the ticker code MFON, according to media reports in Sweden.
MegaFon's market capitalization is estimated at between 11 and 14 billion US dollars based on the above price range.
"We are pleased to have reached this stage of the process and expect to receive between USD9 and 11 billion after the successful completion of the IPO, "said TeliaSonera CEO Lars Nyberg said in a statement.
Telia Sonera's ownership stake in Megafon of 35.6 percent may be reduced, depending on the outcome of the IPO, while TeliaSonera will maintain a long-term strategic stake of 25 percent plus one share after the IPO.
by Sscancomark.com Team
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