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Megafon has collected suitcases on the stock exchange

Megafon has collected suitcases on the stock exchange
MegaFon, one of the largest mobile operators in Russia, is getting ready for an IPO on November 1. The company plans to settle on the London LSE and MICEX-RTS. During the IPO, the operator can sell approximately 15% of the shares. The majority of the shares will be placed by the Swedish-Finnish shareholder of TeliaSonera, the rest will be the treasury shares of the operator directly.

Two of the three largest Russian telecommunications companies have already placed their shares on the stock exchange. VimpelCom entered the New York Stock Exchange (NYSE) in 1996, and MTS in 2000. Today, companies have a capitalization of $ 18.7 billion and $ 16.7 billion, respectively. Three leading players control 80% of the mobile services market.

“The placement of Megafon already seriously affects MTS quotes, drawing institutional funds from the last funds. However, after the placement, we can expect a rebound in MTS securities. As for Megafon, most likely, the company’s valuation at the placement will include a premium, but long-term its papers may become the most interesting in Russian telecom, “said Ilya Rachenkov, an analyst at Investcafe.

The Megafon road show is due to begin on October 22, the placement itself is scheduled for November 1, Kommersant reports citing sources close to the organizers of the placement. The organizers of the IPO are Morgan Stanley, Sberbank, Credit Suisse Group AG, Citigroup Inc and VTB. The shares are planned to be placed on the London LSE and the Russian MICEX-RTS. Investors in Russia will receive ordinary shares, and ordinary shares and global depositary receipts will be traded on the international market. The company has already signed an agreement with MICEX-RTS on listing the company on the quotation list, and the application has also been sent to the British stock exchange.

The company’s preparations for an IPO have been mentioned more than once during the year, and operations with Megafon shares did not leave doubts that the operator was preparing to enter the exchange. In early September, Megafon sent a petition to the Federal Service for Financial Markets to issue a permit to place and circulate global depositary receipts for the company’s shares outside Russia. In the application, Megafon also indicated the number of shares planned for placement abroad – 123.38 million shares.

At the end of July, MegaFon shareholders split shares, increasing their number 100 times from 6.2 million to 620 million, which will reduce the price of one share upon placement. Thus, investors can be offered 19.9% ​​of the authorized capital of Megafon. The Federal Service for Financial Markets issued Megafon permission to circulate almost 20% of the company’s shares outside Russia.

In April, the shares were redistributed among the owners of the company. Altimo’s telecommunications asset manager, Alfa Group, sold its 25.1% operator package for $ 5.2 billion. In turn, the co-owner of the company Alisher Usmanov bought from TeliaSonera 8.2% of Megafon and another 10.7% from Altimo. Also, 14.4% of Altimo’s stake in Megafon was acquired by the 100% Cypriot subsidiary of the operator itself.

Today, 50% plus one share of Megafon are controlled by Alisher Usmanov AF Telecom Group. In addition, 35.6% of the shares are managed by the Swedish TeliaSonera, and 14.4% are owned by Megafon Investments, the daughter of Megafon itself. It is assumed that during the upcoming IPO, TeliaSonera will offer 10.6% of the market, and Megafon Investments, a daughter of Megafon, will offer 9.4%.

Judging by the transactions with securities of the company held in April, Megafon can be valued at about $ 20 billion. This suggests an approximate volume of attraction – about 3-4 billion dollars, which could be the second indicator for the London Stock Exchange after the IPO of the trader Glencore in May 2011 at 10 billion dollars.

According to the company, the funds received during the placement of shares on the stock exchanges are planned to be used to pay off current debts and for general corporate purposes, including further development and expansion of its network.

In the second quarter of this year, the company’s mobile subscriber base was estimated at 63.68 million customers. At the same time, 62 million customers are geographically located in Russia. The operator’s revenue for the second quarter amounted to 66.76 billion rubles, net profit – 1.7 billion.

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