Russian telephone network MegaFon this morning priced its London flotation at the bottom of a $20-$25 range, valuing the firm at $11.1bn (£6.9bn).
The business is controlled by Russia's richest man Alisher Usmanov, the part-owner of Arsenal football club.
The float will raise $1.7bn with an initial free float of 15.2 per cent of shares. The low price partly reflects concerns about corporate governance standards at MegaFon, which caused Goldman Sachs to quit the IPO last month.
The deal will be one of the biggest London floats this year in what has been a sparse 12 months for the capital's IPO market.