Megafon snatches back success as shorts seen off after $1.7bn sale

The $1.7bn London IPO of Russia’s Megafon had threatened to cast a pall over the new listings market after pricing at the bottom of the range and trading down on Wednesday but a day later the story turned much more positive. The share price rallied, taking it to 2.5% above the issue price, with the book turning out to be as solid as the bookrunners had promised.