MegaFon IPO Said to Be Oversubscribed at Low End of Range
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OAO MegaFon, Russia’s second-largest mobile operator by users, received more than enough orders to fill its initial public offering on the last day of the sale, according to two people with knowledge of the matter.
The order book is covered at $20 a share, allowing the IPO to raise at least $1.7 billion, the people said, asking not to be identified as the details aren’t public yet. The company declined to comment. Megafon, based in Moscow, had initially set a price range of $20 to $25 for the shares. Trading of shares will begin Nov. 28 in London and Moscow.