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Yevroset Delays IPO

By The Moscow Times

Cell phone retailer Yevroset postponed an initial public offering, citing "challenging and volatile" market conditions, according to a filing Thursday.

The company had been seeking to raise as much as $1.26 billion in the IPO in London. Yevroset said April 1 that it would price Global Depositary Receipts at $9.25 to $11.30 apiece to sell a 38.2 percent stake, putting its value at $2.7 billion to $3.3 billion.

"Yevroset will continue to pursue its strategy of expanding its retail operations," chief executive Alexander Malis said in the filing.

"We will keep investors informed about our development plans." The company won't revive its plans for an IPO for at least a year, RIA-Novosti quoted Malis as saying.

(Bloomberg)

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