Mail.ru, former Digital Sky Technologies from Russia, is filing for an IPO in the London Stock Exchange. The company has received quite a bit of publicity in the recent years as it has invested into some high flying internet properties including Facebook and Zynga. Reuters reports that sources close to the deal say the IPO has been oversubscribed with more than two weeks left before pricing.

Sources tell Reuters the total bids for the company’s stake are at $1.1 billion. Mail.ru was looking to raise $876 million in its offering for 16% of its shares. The pricing will occur on November 8. $876 million at 16% values the company at around $5.5 billion.

Mail.ru has invested in some international companies, but its majority ownership is in Russian internet properties. Some of the Russian internet properties it owns include Odnoklassniki.ru and VKontakte.ru.

Photo by aresauburn