Reliance subsidiary Flag Telecom will divest 10-15 per cent stake through an initial public offering (IPO) and will list itself on the London Stock Exchange. Flag Telecom has reportedly mandated Goldman Sachs and Deutsche Bank as lead managers for the transaction. According to sources, the bankers have valued the company at $2 billion. The IPO is expected to be completed in the next three months. The proceeds will be used to partly finance a project, which will be operational by 2009.