OAO MegaFon, Russia’s second-largest mobile-phone operator, plans to raise up to $2.1 billion in the biggest initial public offering by a company from the country since United Co Rusal’s sale almost three years ago.

MegaFon and investor TeliaSonera AB will sell a combined 15 per cent stake for $20 to $25 per global depositary receipt, Moscow-based MegaFon said yesterday.

The offer may raise $1.7 billion to $2.1 billion, according to a term sheet obtained by Bloomberg. The IPO is a part of a shareholder agreement reached in April with Alisher Usmanov, the Russian billionaire who controls MegaFon, to resolve disputes between Stockholm-based TeliaSonera and the venture’s local owners.

Mr Usmanov will retain his 50 per cent holding, while TeliaSonera will keep at least 25 per cent. – (Bloomberg)