MegaFon, which is Russia’s second largest mobile operator, raised US$1.7 billion (£1.4bn) from an initial public offering on the London Stock Exchange (LSE) and Russia’s MICEX – RTS. About 15 per cent of the company was sold. Teliasonera still holds about 25% of the firm and Mr. Alisher Usmanov controls over 50% through holding companies. The shares were priced at $20 and declined after the opening to close at $19.60.
MegaFon currently serves about 63 million subscribers. In addition to its GSM 900/1800 network in Russia, MegaFon also has subsidiaries in Tajikistan, Abkhazia and South Ossetia.
