The comments, reported by news agency Interfax, gave no explanation of the reasons behind the decision but several Russian companies, including the country's biggest mobile phone retailer Euroset and major agribusiness firm Valinor, have postponed plans for IPO due to markets turmoil. In June, sources told Reuters that Megapolis was considering a London initial public offering (IPO) this autumn that could raise up to $1.5 billion. Megapolis is the exclusive distributor for cigarette makers Japan Tobacco, Philip Morris and Imperial Tobacco in Russia, and is estimated to control just over 70 percent of the wholesale cigarette market.