The Moscow Exchange began trading of its own shares Friday in a successful conclusion to the largest initial public offering carried out solely in Russia.
The bourse sold 15 billion rubles ($500 million) worth of shares for 55 rubles each, the lower end of the previously stated price range.
The success of the Moscow Exchange, which was formed from the merger of the MICEX Index and the dollar-denominated RTS, is a positive development for the Kremlin’s stated goal of turning Moscow into an international financial center.
Experts had suggested that restricting the IPO to the Moscow Exchange’s own trading platforms in Russia, and not pursuing a dual listing abroad, could dampen demand and deter foreign investors.
But the offering attracted twice as much demand as there were shares available, said Moscow Exchange chief executive Alexander Afanasiev. Investors had come from Europe, Asia and the United States, he added.
China’s sovereign wealth fund and the Russian Direct Investment Fund, or RDIF, both took big stakes in the bourse. The biggest stake taken by any one investor was the RDIF, which bought $80 million worth of stock.
The pricing of the shares in the IPO valued the Moscow Exchange at about $4.2 billion.
The IPO was a step on the way towards Moscow being able to compete with London, New York and other international financial centers, head of the Federal Financial Service Dmitry Pankin told reporters.
Moscowtimes
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