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Kazakhstan's Kcell announced IPO price range

01 december 2012, 11:36
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Kcell logo
Kcell logo
Kcell, a major cellular operating in Kazakhstan, has announced the price range of shares for IPO, Tengrinews.kz reports citing the company’s official website. The IPO will involve floating of the company’s common shares at Kazakhstan Stock Exchange (KASE) in Kazakhstan and an offering of the company’s global depositary receipts outside Kazakhstan.

The company has set the price range between $10.5 and $13 per one global depositary receipt. The shares offered at KASE will be nominated in tenge, in line with the exchange rate of tenge against US Dollar. Each global depositary receipt represents one share of the company. The company’s capitalization is expected to reach from $2.1 to $2.6 billion by the start of the stock operations.

“The Offering consists of a sale of 50 million of the Company’s common shares by Sonera Holding B.V. (the “Selling Shareholder”), a wholly-owned subsidiary of TeliaSonera AB, including common shares represented by the global depositary receipts, representing 25 percent of the Company’s equity capital. The current outstanding equity capital of the Company consists of 200 million common shares,” Kcell writes.

Submission of applications by potential investors and roadshow start on November 29 and are expected to finish on December 11, 2012.

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