Russia's second-largest mobile phone operator MegaFon said it had raised $1.7 billion in its public offering in Moscow and London.
MegaFon, the last of Russia's big three mobile company to hold an IPO, said it sold 15% of its stock at $20 a share, the lower end of its target.
The IPO valued the company at $11.1 billion, lower than analysts estimated.
MegaFon will be traded in the form of shares in Moscow and global depositary receipts in London.
A holding company owned by one of Russia's richest man, Alisher Usmanov, holds 55.8% in MegaFon while Sweden's TeliaSonera has 29%.
MegaFon is largely focused on the Russian market, unlike its competitors MTS and Vimpelcom which have expanded outside Russia.
