Russian mobile phone company Megaphon will raise its Initial Public Offering in London already biggest in last three years. Current 15 per cent will increase by $1.7bn. Estimated market value of Megaphon is $11.1 billion. IPO funds should be used for general corporate needs, including further development and network expansion, and for repayment of current liabilities. IPO is coordinated by banks Morgan Stanley and Sberbank CIB, with Citi, Credit Suisse and VTB Capital as joint book runners. IPO should resolve disputes between Sweden-based investor TeliaSonera AB and Alisher Usmanov, Russia’s richest man, about shares in the company.

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