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UPDATE 1-Moscow Exchange sets IPO range at 55-63 rbls/share-sources
February 1, 2013 / 3:35 PM / 5 years ago

UPDATE 1-Moscow Exchange sets IPO range at 55-63 rbls/share-sources

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By Olga Popova and Zlata Garasyuta

MOSCOW, Feb 1 (Reuters) - The Moscow Exchange, Russia’s main venue for trading in stocks, bonds, forex and derivatives, has set a price range of between 55 and 63 roubles per share for its stock market flotation, two sources close to the deal said.

Sources had said last week that shareholders in the Exchange are expected to sell stock worth at least $500 million. The exchange was valued at between $4.2 billion and $6.5 billion by the banks organising the initial public offering (IPO).

Both sources said on Friday an investor roadshow for the deal, to be carried out on the exchange’s own share trading platform, would begin on Feb. 4.

The Exchange declined to comment.

The IPO comes after President Vladimir Putin last week called for future state asset sales to be held in Russia, in a move aimed at helping turn Moscow into a global financial centre rivalling New York, London and Hong Kong.

The Moscow Exchange was formed in 2011 through the merger of Moscow’s two largest stock exchanges, MICEX and RTS, with a view to a float this year.

The Exchange’s largest shareholder is Russia’s central bank, which will retain its 24.3 percent stake. Other shareholders are banks and brokers such as Sberbank, Unicredit, VTB, Gazprombank, U.S. private equity fund Cartesian Capital and Russian state-backed private equity fund the RDIF.

VTB, Russia’s second-biggest lender, is expected to be the next major company to sell its shares on the Moscow Exchange, following Putin’s proposal. ($1 = 30.0152 Russian roubles) (Reporting by Olga Popova and Zlata Garasyuta; Writing by Katya Golubkova; Editing by Douglas Busvine and David Holmes)

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