NEW YORK-Mobile TeleSystems Open Joint Stock Co., a Moscow-based cellular carrier, went public on the New York Stock Exchange June 30 with an offering of 15.01 million American Depository Receipts priced at $21.50 each.
Deutsche Bank Alex. Brown was lead underwriter for the initial public offering, which had been registered with the Securities and Exchange Commission in mid-June with an expected ADR price range of $19-$25.
Deutsche Telekom of Germany and Sistema, a financial and industrial conglomerate in Russia, formed Mobile TeleSystems in 1993 and remain its largest shareholders.
Since 1998, the Global System for Mobile communications carrier has acquired six mobile wireless operators in Russia, and its radio-frequency licenses now cover 34 of the country’s 89 regions. Although it has networks in operation in 19 regions, most of its approximately 580,000 subscribers are in its headquarters city of Moscow.
The carrier closed 1999 with a net income of $85.7 million on sales of $358.3 million.
