Megafon shares continue to rally, already 22% over IPO price
MOSCOW. Dec 17 (Interfax) - Shares in big-3 cellular provider OJSC Megafon continued to rally on Monday morning as the shares already top their IPO price by almost 22%. The IPO was held at the end of November.
By 10:25 am Moscow time, Megafon's shares on the Moscow Exchange increased by 3.4% to 748 rubles, which, with consideration of the U.S. dollar's rate (30.76 rubles/$1), comes to $24.32 and is 21.6% over the IPO price ($20 per share or GDR).
The provider's shares have been an exception on the current market, which has been making a downward correction. The MICEX has slipped by 0.2% to 1,462.93 points while the RTS lost around 0.2%, coming to 1,497.31 points.
Megafon's shares have been on the FTSE Index since December 10. Furthermore, the shares have been included on the MSCI Russia Index since December 12.
