News: Kazakhstan-based mobile operator GSM Kazakhstan (Kcell) is likely to raise up to US$525-650mn in an initial public offering (IPO), scheduled for December in London. The IPO will value the operator at US$2.1-2.6bn. The operator will offer global depository receipts (GDRs) at a cost of US$10.50-13 each GDR. Book building is likely to be closed on December 11, with trading scheduled to begin on December 12. The IPO will cut the stake of the operator's parent, TeliaSonera, from 86.9% to 61.9%.