TeliaSonera subsidiary Kcell announces price range for its Initial Public Offering (IPO)
- 2012-11-29 07:00 UTC
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Kcell, the leading provider of mobile communications services in Kazakhstan, today announced its price range for the IPO.
The price range has been set at USD 10.50 to USD 13.00 per global depositary receipt (GDR). Pricing is expected to be announced and trading is expected to commence on 12 December.
Kcell’s market capitalization is valued at approximately USD 2.1 billion to USD 2.6 billion on the basis of the price range.
“We are very pleased to have come this far in the process. Kcell is an important part of our global operations and one of the most successful subsidiaries of TeliaSonera. A listing of Kcell will create value for our shareholders through higher liquidity and visibility, as well as through a retained long-term strategic control,” says Lars Nyberg, President and CEO.
The offering consists of a sale by TeliaSonera of 50 million shares, including the GDRs, representing 25% of Kcell’s share capital.
TeliaSonera’s effective economic ownership of Kcell is currently 86.9% and following a successful IPO would be estimated to 61.9%.
Please visit Kcell press center for full announcement.
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