Kcell raises $525m in IPO

City A.M. Reporter
Kazakhstan mobile phone operator Kcell has raised $525m (£326m) in its London and Almaty-based IPO for parent company TeliaSonera, the company said this morning.

The IPO, in which Kcell floated a 25 per cent stake, was priced at $10.50 per global depositary receipt and 1,578.68 Kazakhstan tenge per ordinary share, the company said.

The price of the offering implies a market capitalisation of Kcell of $2.1bn.

Following the offering, TeliaSonera will hold directly and indirectly 61.9 per cent of the company’s shares.

The deal is being led by UBS, Credit Suisse and Visor.