MegaFon sets IPO price range to raise at least $1.7 bln

MOSCOW Thu Nov 15, 2012 6:06am GMT

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MOSCOW Nov 15 (Reuters) - Russia's No. 2 mobile phone operator MegaFon said on Thursday it aims to raise at least $1.69 billion as it announced a $20 to $25 a share price range and started a roadshow for its initial public offering in London and Moscow.

The range values the company at $11.2 billion to $14 billion, MegaFon said in a statement.

Sources previously said the IPO is expected to take place in late November or early December and raise around $2 billion chiefly for selling shareholder TeliaSonera.