On February 15, OJSC Moscow Exchange MICEX-RTS announced the successful pricing of its initial public offering in Moscow.
The offer price has been set at RUB 55 per share.
Based on the offer price, the total market capitalization of Moscow Exchange at IPO will be approximately RUB 126.9 billion (US$ 4.2 billion).
The total size of the offering is RUB 15 billion, prior to stabilization, if any; including RUB 9 billion from shares sold by existing shareholders via MICEX (Cyprus) Ltd. and RUB 6 billion from shares sold by MICEX-Finance LLC.
Dealings will commence on the company's own trading platform today under the ticker MOEX.
Following the offering, Moscow Exchange will have a free float of approximately 30% of the company's shares outstanding, calculated as shareholders owning less than 5%.
VTB Capital acting as stabilizing manager will have the right during a period of up to 30 days to acquire, for stabilization purposes, ordinary shares of the company in a number up to 13% of the total number of shares placed in the offering.
"Today's flotation marks an important moment for Moscow Exchange and for the Russian capital markets. Having successfully placed RUB 15 billion, Moscow Exchange is strongly positioned to develop as a major global trading venue across multiple asset classes. We believe that the Russian economy will continue to be one of the fastest growing major global economies and the exchange will play a critical part in this growth," Sergei Shvetsov, Chairman of the Moscow Exchange Supervisory Board and Deputy Chairman of the Central Bank of Russia, was quoted as saying in Moscow Exchange's statement.
"Moscow Exchange's IPO, the largest ever solely on a Russian exchange platform, marks a major step forward in its development as well as the future growth prospects of the Russian financial market. The fact that the offering was oversubscribed demonstrates a vote of confidence in Russian listed equities and is genuine recognition of the recent initiatives to develop Russia's capital market infrastructure," said Alexander Afanasiev, Chief Executive Officer of Moscow Exchange.
OJSC Moscow Exchange MICEX-RTS is the largest Russian exchange market by the trading volume and the number of users. It plays a pivotal role in the development of Russia's financial sector. Moscow Exchange MICEX-RTS provides its users with a complete set of facilities to trade in stocks, bonds, currencies, investment units, commodities and derivatives for all kinds of underlying assets.