LONDON (WiMAX Day). Russia’s largest IT services company Sitronics began its initial public offering of shares yesterday on the London Stock Exchange. Sitronics is a unit of the Russian conglomerate AFK Sistema, which owns GSM operator MTS and WiMAX network operator Comstar-UTS.

The London listing will give Sitronics a market value of $2.3 billion. In a statement issued through the London Stock Exchange, Sitronics said that it had raised $352.6 million in the offering. The proceeds will be used for corporate restructuring and acquisitions. Sitronics’s investment memorandum states that the company intends to enter the WiMAX market segment and will consider acquisitions of equipment manufacturers and WiMAX network operators.