(MENAFN) Russian MegaFon, the country's second-largest mobile phone operator, announced that it has managed to collect USD1.7 billion in its Moscow and London initial public offering (IPO), reported AP.
The company said that 15 percent of its stock was sold for USD20 per share, with the IPO valuing the firm at USD11.1 billion.
The company, focused on the Russian market unlike its rivals MTS and Vimpelcom, is 55.8 percent owned by a holding company owned by Alisher Usmanov, one of Russia's richest man, and 29 percent by Swedish TeliaSonera.
It is worth noting that in Moscow, MegaFon will be traded in the form of shares, whereas in London, it will be traded in the form of global depositary receipts.
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