Stocks…
Euroset Holding N. V., the parent company of Russia’ largest mobile phone retailer Euroset, plans to hold an Initial Public Offering in April to raise about $140 million, a source close to the IPO told RIA Novosti on Tuesday.
The company, which earlier on Tuesday officially announced IPO plans, will float shares of an additional issue and a stake owned by Alpazo Ltd registered in Cyprus. Its beneficiary is Russian billionaire Alexander Mamut, who controls 50.01% in Euroset.
The size of the stake to be sold is to be determined by market conditions, Euroset said in a statement.
Premarketing may start already on Tuesday, a road-show is expected at the beginning of April, the source said.
Euroset’s second core shareholder VimpelCom, one of Russia’s three top mobile operators, does not plan to divest its 49.9% stake.
Funds raised in the IPO are to be spent on retail business development and for general corporate purposes.
Alfa Capital Markets, Credit Suisse, Goldman Sachs International and VTB Capital are appointed global coordinators and bookrunners.
In October 2010, Euroset, cofounded by scandalous business tycoon Yevgeny Chichvarkin, said it wanted to raise $1.86 billion on the London Stock Exchange.
In 2008, Chichvarkin went into a self-imposed exile in Britain saying he faced imprisonment in Russia and could be killed if put behind bars.
Last September, a British court delayed until next year a hearing into Russia’s request to extradite Chichvarkin, who is accused at home of running a mafia-like structure. Chichvarkin has denied accusations, saying the charges were politically motivated.
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