Support The Moscow Times!

MegaFon Poised to Float in London This Year

MegaFon is likely to go ahead with its planned stock market float in London this year after receiving an unofficial green light from the British regulator, sources familiar with the matter said.

MegaFon had aimed to raise about $2 billion from its initial public offering this year, but several sources have said it would have to delay the share sale until 2013 if it did not get the nod from the U.K. Listing Authority, or UKLA, in time.

MegaFon has cleared and resolved any material issues with the UKLA, a source familiar with the situation said on Saturday. Official approval is expected when MegaFon's IPO prospectus has been completed, the source said.

The company is expected to make a formal statement on the IPO launch in the coming weeks. The deal could happen in late November or early December, before capital markets wind down for the end of the year, sources have said.

The float by MegaFon, which is controlled by the country's richest man, Alisher Usmanov, would rank as the biggest by a Russian company since Internet search firm Yandex raised $1.4 billion when it floated in New York in May 2011.

The UKLA approves an IPO prospectus when it is satisfied that a company has met its listing criteria. Among issues the UKLA typically examines is the shareholder structure. Any particular concerns are typically listed in the "risks" section of the prospectus.

Related articles:

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more