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. Last Updated: 07/27/2016

Sistema Prepares for London IPO

LONDON -- Sistema, a holding company controlled by billionaire Vladimir Yevtushenkov with assets from telecommunications to finance, is preparing to sell shares in an initial public offering next month.

Morgan Stanley and Credit Suisse First Boston, which are both managing the sale, started to gauge investor interest in the stock, the banks said in an e-mailed statement Monday. Typically, the banks would start taking orders for stock about two weeks later. The IPO is set to be completed in February.

The Moscow-based company is preparing to sell global depositary receipts in London after the stock was listed on the Russian Trading System in November. Russia requires companies to list their shares on a domestic bourse before selling stock abroad.

Sistema controls Mobile TeleSystems, Eastern Europe's largest mobile-phone company, which accounts for more than two-thirds of its revenue.