Sistema, the largest private sector telecoms and consumer services company in Russia and the CIS, has launched an IPO to the tune of $1.56 billion. It is the largest Russian IPO to date and the largest IPO by an international company since the IPO of Orange SA in 2001.
The Russian corporate is selling 1,831,563 shares in the form of Global Depositary Receipts (GDRs) and is listing on the London Stock Exchange. Latham & Watkins advised on the deal with the firm’s Moscow corporate team having acted on all of the last four Russian IPOs listed internationally.
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