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Sistema Shyam to appoint bankers for planned IPO

Sistema Shyam to appoint bankers for planned IPO
PTI
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First Published: Tue, Mar 15 2011. 05 00 PM IST
Updated: Tue, Mar 15 2011. 05 00 PM IST
New Delhi: Sistema Shyam TeleServices, a joint venture between Russia-based Sistema and India’s Shyam Telecom, on Tuesday said it will appoint investment bankers in next few months for the company’s planned initial public offering.
“We are in talks with various merchant bankers and it is a matter of couple of months that we will complete the selection process for the same,” Sistema Shyam TeleServices chief executive officer Vsevolod Rozanov told reporters here.
Sistema owns 73.7% stake in Sistema Shyam, India’s Shyam group owns 23.8% while the rest 2.4% is held by the public.
Replying to a question on the launch of the IPO, Rozanov said, “the launch of the IPO would depend on regulatory approvals and market conditions.”
Further, the company which has MTS as a brand name, expects 30 million customers by 2013 from the 10 million subscriber base at present.
It also plans to complete the commercial rollout of mobile telephony services across the 22 telecom service areas in the country in the next two-three months, Rozanov added.
Sistema Shyam now offers services in 18 telecom service areas and has 10 million mobile phone users as of February-end.
Rozanov further said he expects to complete the $600 million investment deal with the Russian government in the next few weeks. The money will help the mobile operator to expand its operations in India.
The Russian government has picked up approximately 17% stake in SSTL for $600 million. The process of shares transfer to the Russian government is expected to get closed within Q1 2011, as per the company’s website.
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First Published: Tue, Mar 15 2011. 05 00 PM IST