Euroset could scale down London IPO plans

Russian mobile phone retailer Euroset is considering scaling back its flotation plans. The group originally aimed to raise up to USD1.3 billion from investors through a combination of new shares and stock sold principally by Russian billionaire Alexander Mamut, who owns 50.1% of the firm.

However, bankers yesterday described the bookbuilding process as «challenging» and some think that a much scaled-down plan might be unveiled today, if the float goes ahead at all.