* Cites "challenging and volatile market conditions"
* Had sought $1.52 billion, including $1.35 bln for owner
* Source says new attempt unlikely before 2012
* Russia's Nomos, Etalon still aiming for IPOs
(Adds detail, background)
MOSCOW, April 14 (Reuters) - Russia's biggest mobile phone retailer Euroset on Thursday postponed a planned $1.5 billion stock market flotation, citing market volatility, depriving major owner Alexander Mamut of a bumper payday.
The IPO, scheduled to price this week, had sought to raise up to $1.52 billion, including $1.35 billion for controlling shareholder Mamut.
Euroset would have been one of the biggest European IPO of the year to date. Swiss commodities giant Glencore launched plans to raise up to $12.1 billion in London and Hong Kong earlier on Thursday.
The mobile phone retailer, which has nearly 4,500 bright yellow-fronted stores in Russia and the CIS, was one of four Russian private companies attempting to launch London IPOs ahead of Britain's Easter public holiday beginning next Friday.
Sugar and pork producer Rusagro managed to raise around $330 million in an IPO priced late last week, while real estate developer Etalon and mid-size bank Nomos are seeking a combined $1.35 billion.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Russian companies seeking IPOs:
DEALTALK on the current IPO wave:
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Investors bought into Rusagro's plan to issue new shares to fund expansion, but have been notably less keen to take part in an IPO designed as a cash in for a tycoon such as Mamut.
Coking coal producer KOKS and Severstal unit Nord Gold, which were both raising cash for their owners, pulled IPO plans in early February after failing to achieve a desired valuation.
Nomos, which sources have said has lined up Mamut as a core investor following its IPO, is hoping to sell a near 20 percent stake owned by shareholder Roman Korbacka, while Etalon will sell a majority of new shares.
Analysts and fund managers had also expressed concerns about Euroset's business model, which is based largely on commission payments from Russia's big three mobile phone operators MTS, MegaFon and Vimpelcom that are hard to forecast for the long term.
"Although there was increased interest from the investment community in Euroset, we decided not to proceed with an IPO in the challenging and volatile market conditions," Euroset Chief Executive Alexander Malis said in a statement.
A source familiar with Euroset shareholders' plans said the company was unlikely to try to relaunch its IPO before 2012.
The company declined to comment on the potential timing.
Euroset was co-founded by Yevgeny Chichvarkin, who fled to Britain to escape charges of extortion and kidnapping in 2008. (Reporting by Maria Kiselyova, Anastasia Teterevleva and John Bowker; Editing by Erica Billingham)