NEXT YEAR, HOLDING company Sistema plans to raise between $1 billion and $2 billion through a Russian and London global depositary receipt listing of a 20% stake. It’s likely to be the biggest Russian IPO so far. The company owns stakes in telecoms company MTS, insurance company Rosno, Moscow mobile company MGTS, and several other companies in the consumer sector. Morgan Stanley and CSFB are advising on the listing. The company declines to comment on it.
In the real-estate sector, Open Investments, a company owned by oligarch Vladimir Potanin, is planning to list early next year in Russia before beginning trading in GDRs in London.
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