Svyaznoy further postpones IPO

Russian mobile phone retailer Svyaznoy has reversed its plan to conduct an initial public offering (IPO) this year, RIA Novosti reports. The IPO may not take place in 2013 either. The retailer has been aiming to sell a 40% stake since early 2011, hoping to raise between USD1.8-2.6 billion to finance new business projects, such as funding its Svyaznoy Bank.