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    Evroset mobile phone retailer may sell 30 pct of shares in IPO on LSE in 2011

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    Russia' largest mobile phone and small electronics retailer, Evroset, is preparing an Initial Public Offering (IPO) to place 30 percent of its shares on the London Stock Exchange (LSE) in 2011, Vedomosti business daily reported on Thursday.

    Russia' largest mobile phone and small electronics retailer, Evroset, is preparing an Initial Public Offering (IPO) to place 30 percent of its shares on the London Stock Exchange (LSE) in 2011, Vedomosti business daily reported on Thursday.

    The company will make a final decision on the IPO on November 20, the paper said.

    Sources close to Evroset told Vedomosti that investment banks had preliminary valued the company at $2.5-3 billion while Artyom Sitnikov, partner of Financial Consulting Group, put it at $0.85-1.2 billion according to the number of the company's selling outlets and financial results. However, investors could give a premium for the company's shares during the IPO as Evroset will be the first Russian mobile phone retailer quoted on the LSE, the paper said.

    Proceeding from the lowest estimate of $0.85 billion and net of the company's debt, the share package of Evroset co-owner Alexander Mamut, who holds 50.1% in the company, could cost $260 million, the paper said.

    A representative of VimpelCom, another Evroset shareholder with a 49.9% stake and one of the country's top three mobile operators, told Vedomosti that the shareholders were still discussing the IPO issue.

    Vedomosti quoted its sources as saying that Mamut could sell part of his stake on the stock exchange to make his holdings more liquid, while Mamut declined to comment.

    MOSCOW, November 11 (RIA Novosti) 

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