MOSCOW Feb 4 The Moscow Exchange said on Monday
that it has set a price range of between 55 and 63 roubles per
share for its stock market flotation, hoping to raise 15 billion
roubles ($502.11 million)in gross proceeds.
The exchange, Russia's main venue for trading in stocks,
bonds, forex and derivatives, was valued at between $4.2 billion
and $6.5 billion by the banks organising the initial public
The exchange's Monday statement confirms Reuters story from
The IPO comes after President Vladimir Putin called for
future state asset sales to be held in Russia in a move aimed at
helping to turn Moscow into a global financial centre rivalling
New York, London and Hong Kong.
The exchange, formed in 2011 through the merger of Moscow's
two largest stock exchanges, MICEX and RTS, said that VTB
Capital, acting as a stabilising manager in the
offering, will have the right to acquire up to 13 percent of the
Dividends of no less than 30 percent of consolidated net
profit will be paid for 2012 and 40 percent of profit will be
spent on dividend payout this year. Next year, half of the
exchange's profit will go to paying dividends, the exchange said
in a statement.
Final pricing of the IPO is expected Feb. 15.