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UPDATE 1-Moscow Exchange plans IPO pre-marketing next week - sources
January 17, 2013 / 2:22 PM / 5 years ago

UPDATE 1-Moscow Exchange plans IPO pre-marketing next week - sources

MOSCOW, Jan 17 (Reuters) - The Moscow Exchange, Russia’s major stock exchange, plans to start pre-marketing an initial public offering of its shares next week, two sources familiar with the Exchange’s plans told Reuters on Thursday.

One source said that the Exchange aims to raise between $300 million and $500 million through the IPO for selling shareholders.

Earlier on Thursday, the daily Kommersant reported that the Exchange’s board of directors would decide on Feb. 1 whether to hold the share sale in February.

A third source familiar with the exchange’s plans said the size and timing of the share sale remained unclear, but its backers were aiming to complete the deal in the first half of this year.

A sole domestic listing is planned, the source added, dismissing reports of a dual listing in Moscow and London.

The Moscow Exchange was formed in 2011 following the merger of Moscow’s two largest stock exchanges, MICEX and the RTS. The merger is part of Russia’s drive to improve financial market infrastructure as it seeks to turn the Russian capital into an international financial centre.

The exchange’s largest shareholder is the Central Bank of Russia with a 24.3 percent stake.

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