MegaFon seeks clearance to list 20% of shares abroad

Russian mobile giant MegaFon has filed an application with the Federal Service for Financial Markets, with a view to listing up to 20% of its shares abroad, the Prime Tass news agency reports. As previously reported by TeleGeography’s CommsUpdate, in April this year the cellco revealed plans to stage an initial public offering (IPO) on the London Stock Exchange (LSE) in 2H12. As per media reports, the IPO was initially scheduled for July, before being postponed until September, and later October, due to unfavourable market conditions. In June, sources familiar with the matter suggested that MegaFon had hired Morgan Stanley, Goldman Sachs, Sberbank, VTB Group, Credit Suisse and Citigroup to oversee its IPO on the LSE. Prime Tass indicates that MegaFon could offer up to 20% of its shares for around USD4 billion.