Euroset Holding N.V., the parent company of Russia's largest mobile phone retailer Euroset, postponed on Thursday its initial public offering (IPO), scheduled to price this week, due to "volatile market conditions."
The move came despite "increased interest from the investment community in Euroset," the company said.
Euroset earlier planned to sell 252,252 ordinary shares in the form of GDRs to raise $140 million-$170 million and up to 1,703,255 million ordinary shares belonging to Russian billionaire Alexander Mamut, the 50.1% shareholder, also in the form of GDRs, to raise some $950 million-$1.15 billion, making the total IPO value about $1.3bn.
The company's chief executive, Alexander Malis, told RIA Novosti that Euroset would not now return to its IPO plans before 2012.
MOSCOW, April 14 (RIA Novosti)