TeliaSonera confirmed it is to list 25 percent of Kcell, in a move the Kazakhstan subsidiary said will “help us to further strengthen our corporate brand and business reputation, improve our access to the international capital markets and help us to grow our business further”.

The Nordic-based group previously stated a plan to list the operation, when increasing its ownership earlier this year by buying-out previous partner Kazakhtelecom.

Lars Nyberg, president and CEO of TeliaSonera, said: “We are fully committed to Kcell, which will continue to benefit from using our global brand identity, participating in international roaming and joint technology initiatives, including common procurement across the TeliaSonera group.”

TeliaSonera has an effective ownership of 86.9 percent of Kcell, made up of direct and indirect shareholdings.

For the nine months to 30 September 2012, Kcel generated a profit of KZT46.07 billion (US$307.4 million), on revenue of KZT133.1 billion (US$888.2 million).

According to Wireless Intelligence figures, it is the biggest operator in the market, with 12.7 million subscribers, ahead of VimpelCom’s Beeline, with 8.7 million – two smaller rivals are also active.

Kcell is set to list on the Kazakhstan Stock Exchange and the London Stock Exchange.

Credit Suisse, UBS Investment Bank and Visor Capital are acting as joint global coordinators and joint bookrunners.

Renaissance Capital is acting as a joint bookrunner and Halyk Finance is acting as a co-manager of the international listing.

The Kazakhstan offer is being led by Visor Capital.