The company is aiming to raise as much as $2.1 billion in a London listingbut the move has previously faced delays and controversy. In particular, there were concerns that MegaFon’s owner, oligarch Alisher Usmanov, plans to make Megafon part of a larger umbrella company he controls with two partners, according to the Financial Times.
MegaFon had originally planned to hold the listing in October, but was forced to delay because it had not received approval from the UK Listing Authority. This was due to concerns that Goldman Sachs, the lead bank on the offering, had pulled out days before it was due to begin.
Lord Myners served as treasury minister for the Labour government under Gordon Brown, and has also served as a director at O2 and Orange. His presence on the Megafon board could help enhance the credibility of its IPO.
