Russia's MegaFon expected to start IPO roadshow Thursday: source

MOSCOW Wed Nov 14, 2012 4:21pm EST

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MOSCOW (Reuters) - Russia's No. 2 mobile phone company, MegaFon MGFON.UL, is expected to start a roadshow for its planned London initial public offering on Thursday, a source familiar with the situation said.

The float by MegaFon, which is controlled by Russia's richest man Alisher Usmanov, could rank as the biggest by a Russian company since Internet search firm Yandex (YNDX.O) raised $1.4 billion when it floated in New York in May 2011.

MegaFon has been aiming to raise around $2 billion from the IPO, planned for this year, sources previously said.

The company got the provisional green light from UK regulator the UKLA last week, sources familiar with the situation said on Saturday.

MegaFon is expected to make an announcement about the IPO on Thursday, the source who spoke to Reuters said. A roadshow for the offering is expected to take place in Moscow, New York and London.

Sources previously said the deal could happen in late November or early December, before capital markets wind down for the end of the year.

MegaFon could not immediately be reached for comment.

(Reporting By Megan Davies)

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