Kcell IPO fully covered ahead of subscription deadline

City A.M. Reporter
Kazakhstan-based mobile telecoms group Kcell has its book largely covered ahead of closing on its London float later today, according to sources close to the situation.

It is understood orders are flooding in from Kazakhstan, with the possibility that the book could be oversubscribed. The news will provide a welcome boost to London's struggling market for initial public offerings (IPO), following on from the success of Russian telecoms firm Megafon, which raised $1.7bln late last month and is currently trading above its listing price.

It is thought that investors received a message earlier today saying that the Kcell book was 95 per cent covered, with some funds still in discussions. Sources close to the deal said the book was up to 98 per cent full late this morning.