MegaFon raises $1.7 billion in Moscow, London IPO

MOSCOW (AP) ? Russia's second-largest mobile phone operator MegaFon says it has raised $1.7 billion in its public offering in Moscow and London.

MegaFon, the last of Russia's big three mobile company to hold an IPO, said on Wednesday that it sold 15 percent of its stock at $20 a share, the lower end of its target. The IPO thus valued the company at $11.1 billion, lower than analyst estimated.

MegaFon will be traded in the form of shares in Moscow and global depositary receipts in London.

A holding company owned by one of Russia's richest man, Alisher Usmanov, holds 55.8 percent in MegaFon while Sweden's TeliaSonera has 29 percent.

MegaFon is largely focused on the Russian market, unlike its competitors MTS and Vimpelcom which have expanded outside Russia.

Source: http://news.yahoo.com/megafon-raises-1-7-billion-moscow-london-ipo-082322403--finance.html

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