Kazakhstan’s Kcell plans $800 mln IPO in London-FT
Nov 5. Reuters. LONDON
Kazakhstan’s Kcell, a unit of Nordic telecoms group TeliaSonera, plans to list about a quarter of its shares for up to 500 million pounds ($800 million), the Financial Times reported in its Monday edition.
Kcell is the largest mobile operator in Kazakhstan and its plans for a listing in London would provide another test of investor appetite for companies from the former Soviet Union, after MegaFon, Russia’s second-biggest mobile phone operator, last month announced a $2-billion IPO.
Preparations for Kcell’s IPO have been concluded and Credit Suisse and UBS are acting as advisers, the FT said, citing sources familiar with the process.
All parties declined to comment to the FT, but one person familiar with the plans said Kcell was waiting to see what happens with MegaFon, which has delayed its own listing until the release and evaluation of its third-quarter results.
TeliaSonera, which also owns a minority stake in MegaFon, bought Kazakhtelecom’s 49 percent stake in Kcell for $1.52 billion in February and, as part of the deal, unveiled plans for a 25 percent listing this year. ($1 = 0.6235 British pounds)