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Emerging Markets

Megafon drops after delays crimp momentum

Megafon completed a $1.7bn IPO on Wednesday after a delayed and difficult process, pricing the deal at the bottom of the price range before it traded weakly in the aftermarket. The revised timetable stifled momentum, hurting the deal dynamics, said bankers, but they added that the final book had much the same shape as it would otherwise have done.

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