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MMVB-RTS OAO Sets IPO Price-DJ


Monday, 4 Feb 2013 02:46am EST 

Dow Jones reported that MMVB-RTS OAO (Moscow Exchange) said it has set a price range of between RUB 55 and 63 ($1.84-$2.11) per share for its initial public offering (IPO), which will be held on February 15. The price range values the exchange at between $4 billion and $4.6 billion. The final price will be set on February 15. Moscow Exchange said it expects to raise up to RUB 15 billion ($502 million) in the offering, with RUB 9 billion coming from shares sold by existing shareholders and the remaining RUB 6 billion to come through a new offering of shares. The exchange said it could increase the new offering by up to RUB 5 billion based on demand. Moscow Exchange, which was created by the merger of the Micex and dollar-denominated RTS exchange in 2011, announced its intention in late January to float shares on its own platform in Moscow. At the time of the merger, the exchange was valued at $4.5 billion. At the time, the exchange said it would offer shares to institutional and retail investors in Russia, as well as offshore investors and qualified institutions in the US. The investment banks handling the IPO will be JPMorgan Chase & Co., Credit Suisse Group AG, Sberbank and VTB Bank. The bookrunners will be Renaissance Capital, Deutsche Bank AG, UBS AG, Goldman Sachs Group Inc. and Morgan Stanley . The exchange's two majority shareholders, the Bank of Russia with a 24.3% stake, and Sberbank with a 10.3% stake, have both said they won't sell any of their shares in an IPO.