MegaFon shares fall below offer price in early trading
MOSCOW Nov 28 (Reuters) - Shares of MegaFon fell below their offer price in the first minutes of trading in London, after Russia's second-biggest mobile phone operator priced its initial public offering at the bottom of its guided range.
Controlled by Russia's richest man Alisher Usmanov, MegaFon is selling global depositary receipts (GDRs) in London and Moscow in an IPO which is raising $1.7 billion.
The IPO at $20 per GDR is at the bottom of a $20-$25 share range and values MegaFon at $11.1 billion. Shares fell to $19.75 in the first few minutes of trading.