* To be valued at $4 bln-$4.6 bln
* Price range set at 55 roubles-63 roubles
* To start trading Feb. 15
By Megan Davies
MOSCOW, Feb 4 Moscow's stock exchange will be
valued at up to $4.6 billion in its planned stock market
flotation, which will raise around $500 million for the company
and selling shareholders, according to a price range published
by the company on Monday.
The Moscow Exchange, Russia's main venue for trading in
stocks, bonds, currencies and derivatives, is to float on its
own platform in an attempt to revitalise Russia's capital
markets and convince companies to list domestically rather than
Promoting Moscow's markets has been backed by the Kremlin in
a bid to transform the Russian capital into a global financial
centre. President Vladimir Putin recently called for upcoming
privatisations of state assets to be held in Russia.
Analysts caution, however, that it will be difficult to
break a trend for Russian companies to seek listings in London
or New York, continued scepticism about shareholder rights in
Russia and a slump in local share trading volumes.
The exchange, formed in 2011 through the merger of Moscow's
two largest stock exchanges, MICEX and RTS, set an indicative
price range for its initial public offering (IPO) of between 55
and 63 roubles, confirming a Reuters report on Friday.
That values it at between $4 billion and $4.6 billion based
on a share count of 2.197 billion.
OLD AND NEW SHARES
Around 60 percent of the 15 billion roubles ($500 million)
of proceeds will go to selling shareholders while around 40
percent will go to the company, which is raising money to invest
in IT and its clearing business.
The company may increase the size of the offering, if there
is enough demand, by up to 5 billion roubles.
The company and shareholders selling through a MICEX
subsidiary will be subject to a lock-up preventing them from
selling any more shares for 180 days, the company said in a
statement, without specifying any restrictions that previous RTS
shareholders might have.
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
with 10.3 percent, Unicredit, VTB,
Gazprombank, U.S. private equity fund Cartesian Capital and the
state-backed Russian Direct Investment Fund (RDIF).
The RTS' shareholders before the 2011 merger were large
investment banks, according to an archived version of its
During the merger, five RTS shareholders - Renaissance
Capital, Alfa Bank, Aton, Troika Dialog and Da Vinci Capital -
agreed to sell a controlling stake to MICEX. The exchange
declined to comment on the identity of other RTS shareholders.
The Moscow Exchange said that VTB Capital, acting
as a 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 this year's dividend payout. Next year, half of the
exchange's profit will go to paying dividends, it said.
Final pricing of the IPO is expected Feb. 15 and trading of
the shares will start the same day under the symbol MOEX.