Russian operator MegaFon has decided to delay its marketing for its planned IPO in London in order to add its third-quarter results and recent mergers and acquisition activity to its prospectus.
The company will also include the UK Listing Authority review of the flotation in the prospectus.
According to Russia’s number-two operator, investor engagement in the investor education process has been “exceptionally strong” and the company is looking forward to commencing its investor roadshow in “in due course”.
Bloomberg reported that MegaFon investors are looking to raise US$11 billion from share sales through the IPO.
The IPO was part of a settlement of a governance dispute between the operator’s three shareholders, AF Telecom, Altimo and Swedish operator group TeliaSonera, reached in April.
The settlement also included MegaFon paying out US$5.15 billion in dividends to the shareholders with Russian billionaire Alisher Usmanov’s AF Telecom taking majority control of the Russian operator.