MOSCOW-Mobile Telesystems, a leading Russian wireless carrier, said it is planning an initial public offering in the United States in late June. Analysts said the offering signals a recovery in Russia’s economy and renewed interest from international investors.
MTS said it filed with the U.S. Securities and Exchange Commission to issue 15 million American Depository Receipts, each representing 20 of its common shares. The operator also applied to be listed on the New York Stock Exchange.
MTS is a Global System for Mobile communications carrier with about 500,000 subscribers. MTS is 51-percent owned by Russia’s Sistema and 49-percent owned by Deutsche Telekom’s mobile subsidiary.
The carrier plans to upgrade its network with General Packet Radio Service technology with the funds.
