Sistema Shyam TeleServices Ltd (SSTL), on Tuesday, said it will appoint investment bankers in the next few months for the company's proposed initial public offering.

“We are in talks with various merchant bankers and it is a matter of couple of months that we will complete the selection process for the same,” Sistema Shyam's Chief Executive Officer, Mr Vsevolod Rozanov, told reporters here.

SSTL operates mobile services under the MTS brand and is the joint venture between Russia-based Sistema and Mr Rajeev Mehrotra-promoted Shyam Telecom.

Mr Rozanov added that the launch of the IPO would depend on regulatory approvals and market conditions. SSTL had earlier said that it would launch the IPO after an equity sale deal with the Russian Government is completed.

The deal, under which the Russian Government will pick up 20 per cent stake in SSTL for $600 million, is expected to be completed over the news few weeks, Mr Rozanov said.

The company also provides high speed mobile Internet services to over 5 lakh customers based on CDMA technology.

Smartphone launch

MTS has also announced the launch of MTS Pulse handset from HTC– the company's first Android powered Smartphone.

“Going forward, it will be our endeavour to stay true to our data centric-voice enabled strategy to provide innovative telecom solutions to our customers,” Mr Rozanov said.

The company is targeting 30 million customers by 2013. It plans to complete the commercial roll-out of mobile telephony services across the 22 circles in the country in the next two-three months. Sistema Shyam now offers services in 18 circles.

Related Topics