SSTL''s IPO likely early next year : PTI

SSTL''s IPO likely early next year

PTI | 06:09 PM,Sep 08,2010 Mumbai, Sep 8 (PTI) Sistema Shyam TeleServices Limited (SSTL), today said its IPO is "not far away" but it has "not frozen any date for it as yet." "We have not frozen any date for our IPO but it is not far away," SSTL's Chief Sales Officer, Atul Joshi, told reporters here.However, another company official said it could take place sometime early-2011 after certain issues were sorted out.SSTL, which offers mobile services in India under the brand name--MTS--is a joint venture between Russia's Sistema and domestic major, the Shyam Group. Sistema holds a 74 per cent stake in the venture while Shyam holds 23.5 per cent. The balance 2.5 per cent is publicly-held.The IPO will take place after the Russian Government infuses some funds into the company "which is expected soon", Joshi said.SSTL's President & CEO, Vsevolod Rozanov, had said recently the Russian Government could be investing around USD 620-million for a 20 per cent stake in the company. Joshi said the capital structure will have to be decided before the IPO and this would be done after the Russian Government's investment, post-which plans for the IPO will be frozen.The company, which sees itself as a strong data- services provider, is presently active in 12 circles in the country and plans to enter three more by end-this year.The new markets are east and west UP and Gujarat.The company today launched a range of Internet-enabled smart phones in the metropolis--the MTS Alive, MTS-Buzz and MTS-Ivory.The MTS Alive and MTS Buzz are both targeted at entry-level youth and priced at Rs 6,299 and Rs 4,999, respectively. The MTS-Ivory is priced at Rs 12,000."MTS smart phones wil be the first of few devices which will offer voice and data packaged together at affordable tariffs to cater to the needs of the young and the upwardly-mobile Indian professionals. In the next few months, we will launch more smart phones with more features," SSTL's Acting COO of Mumbai and Maharashtra circle, K V Ramachandra, said.