Russia's Euroset to proceed with London float

City A.M. Reporter
Russian mobile phone retailer Euroset said it will proceed with a London IPO that a source close to the potential offering said could seek to raise more than $1bn (£613m).

The company, part-owned by Russian telecoms group Vimpelcom, said in a statement it would offer ordinary shares in the form of GDRs while businessman Alexander Mamut would also sell shares.

Euroset did not give further detail on the size of the offering.

The source said the fund-raising target was $1bn, and the desired valuation of the 4,367 store chain at $4bn.