Moscow Exchange sets IPO range, hopes to raise $502 million
MOSCOW Feb 4 (Reuters) - 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 offering (IPO).
The exchange's Monday statement confirms Reuters story from Friday.
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 issued shares.
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.
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