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MegaFon says to launch London IPO

Tuesday, 9 Oct 2012 | 2:12 AM ET

MOSCOW, Oct 8 (Reuters) - Russia's second-largest mobile phone operator MegaFon , in which Russia's richest man Alisher Usmanov took control in April, said on Monday it plans to launch an initial public offering on the London Stock Exchange.

The IPO, to be completed in the fourth quarter, will give investors the chance to buy into a Russian telecoms company that is outpacing its peers in a growing home market, but unlike rivals is shielded from tricky overseas operations and complex corporate disputes.

MegaFon said it plans to use the proceeds of the offering of its treasury stock to repay debts.

(Reporting by Megan Davies; Editing by Maria Kiselyova)

((megan.davies@thomsonreuters.com)(+7 916 391 8262))

Keywords: RUSSIA MEGAFON/IPO