MegaFon shelves IPO

On 21 October 2012, a fortnight after Goldman Sachs withdrew as lead bank for the planned London IPO of MegaFon owing to corporate governance concerns, the mobile operator announced  a last-minute decision to shelve the listing for the time being, allegedly owing to the need to update its IPO prospectus in connection with the acquisition of a 50 per cent interest in mobile phone retailer Evroset.

According to other sources, however, MegaFon was forced to delay its planned road show, as the UK Listings Authority still hasn’t given its OK to the London listing.  Goldman Sachs pulled out of the whole deal owing to its concerns about the planned new structure of the mobile operator devised by MegaFon shareholder Alisher Usmanov.

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