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. Last Updated: 07/27/2016

Turkcell IPO $2.1 Bln

ISTANBUL, Turkey -- Turkey's leading mobile operator, Turkcell, on Saturday announced the price range for an 11 percent initial public offering that it expects will raise up to $2.1 billion, the largest ever in Turkey.

Turkcell said in a statement it would receive bids domestically for 26.4 billion shares priced at 41,500 to 50,500 lira ($19.98 to $24.31) July 3 to 7 through lead manager Yapi Kredi Yatirim. Morgan Stanley Dean Witter and Goldman Sachs will handle the simulateous international offer.

Turkcell, a consortium of Finnish Sonera with 40 percent and Turkey's Cukurova with 50 percent, has over 6.1 million clients on a 900 MHz frequency.

Sonic Duo, a local subsidiary of Sonera and Central Telegraph, received Moscow's third GSM license in May.