LONDON â€" MegaFon, one of Russia's largest cellphone companies, on Monday postponed the marketing campaign for its initial public offering that it hopes to complete by the end of the year.
In a brief statement, MegaFon, whose majority owner is Russia's richest man, Alisher Usmanov, said it expected to meet with investors to discuss the potential I.P.O. at a “later date,†adding that it would wait until after reporting the company's third quarter results in early November.
The announcement follows a statement earlier this month from the company announcing plans to list in London by the end of the year. The listing could lead to MegaFon selling up to a 20 percent stake in the company.
So far this year, the fragile European economy has made it difficult for companies to tap the public markets as investors remain cautious about the prospect of Continent's economy.
Only a handful of companies, including the Dutch cable operator Ziggo, have been able to raise large sums from investors this year, while a number of other potential new listings, such as the German chemicals company Evonik, have been postponed.
For MegaFon, which is the second-largest operator in Russia based on the number of subscribers, an attempt to raise new capital could prove to be difficult.
Unlike its competitors, which have expanded overseas into former Soviet countries and emerging markets, MegaFon remains narrowly focused on Russia just as the country's economy is beginning to slow.
To forestall a drop in its growth targets, MegaFon is looking to extract more income from each customer, particularly from wireless data services.
“This is the right time for our I.P.O.,†the company's chief executive, Ivan Tavrin, said earlier this month when announcing the company's plans.
Morgan Stanley, Sberbank, Citigroup, Credit Suisse and VTB Capital are advising on the MegaFon's proposed I.P.O.
