Kcell announces IPO

Kazakh mobile operator Kcell has announced that it will list in Almaty and London in a move that will provide cash for its owner TeliaSonera.

The roughly 25% listing is expected to raise approximately $775 million for the Nordic carrier.

TeliaSonera agreed to float the shares after striking a deal with the Kazakh government last year to acquire a 49% stake in the company for $1.52 billion, adding to the 51% stake it co-owns with Turkcell.

The Nordic carrier will hold approximately 62% of Kcell after the IPO.