Central and Eastern European pay television and telecommunications provider RCS & RDS said Monday that it plans to list on the London Stock Exchange's regulated market, looking to raise around $500 million according to a source familiar with the situation, announced Dow Jones.
The Romania-based firm, which also provides 3G mobile telephony and broadband internet services, is offering 15% of its global depository receipts, which would give the company a market capitalization of about $3.5 billion.
RCS & RDS President and Chief Executive Alexandru Oprea said that capital raised from the flotation will be used to further expand the business.
"The listing will strengthen our profile in Central and Eastern Europe and will provide us with capital for further development of our current business," he said.
RCS & RDS provides cable and satellite TV, mobile phone and fixed line telephony services to more than 1.2 million subscribers in Romania, Slovakia and Hungary.
Morgan Stanley and invest bank UBS have been appointed as joint coordinators and bookrunners for the flotation.
