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Moscow Exchange plans to raise some $500 million in an IPO
February 5, 2013, 7:24 am

Moscow Interbank Currency Exchange (Getty Images)

Moscow Interbank Currency Exchange. (Getty Images)

The Moscow Stock Exchange (MSE) has started the process of application for buying shares in its trading platform.

The initial public offering (IPO) will take place on February 15, 2013 and share dealings will begin on the same day.

The bourse set a price range of 55 -63 rubles ($1.8-2.1) per share.

MSE hope to raise 15 billion rubles (approximately $500 million).

9 billion rubles in secondary share components sold by existing shareholders, and 6 billion rubles in primary share components sold by MICEX-Finance LLC.

MSE also envisages a dividend policy of 40 per cent of consolidated net profit to December 31, 2013 and no less than 50 per cent to December 31, 2014.

VTB Capital will have the right to acquire 13 per cent of ordinary shares for stabilisation purposes.

Russia’s main stock exchange announced its plans to float shares on its own platform in January.

The bourse was founded in 2011 as a result of the merger of Russia’s two major bourses – MICEX and RTS.

It was also ranked among the world’s top 20 exchanges by traded volume for securities and the total capitalisation of the traded stock.

Daria Chernyshova