The group’s management team, led by chief executive Veysal Aral, finished seeing institutions in Moscow earlier this week before travelling to London.
The group, which is offering a healthy dividend stream and promises strong potential in demand for data amongst its customers, is offering shares currently held by its majority shareholder TeliaSonera. Based on the price range for the shares on offer, Kcell will be valued at between $2.1bn and $2.6bn (£1.31bn-£1.62bn).
Bankers say sentiment has been boosted by the noticeable pick-up in the price of Megafon stock, which is now nearly 10 per cent up on its offer price of $20. There was a subdued opening to dealings in the Russian mobile group last week but they have subsequently enjoyed greater demand.
“There’s been strong Russian demand,” said one person close to the marketing process, “and healthy interest from the UK and Europe.” The deal is being led by UBS, Credit Suisse and Visor.