Upcoming IPO values Moscow Exchange at c$4bn

The listing on February 15 would value Russia's main stock exchange at $4-4.6bn, just shy of the London Stock Exchange's market capitalisation, which stands at around $5.3bn.

US private equity fund Cartesian Capital, BlackRock and the state-backed Russian Direct Investment Fund (RDIF) hold stakes in the exchange's shareholding. Cartesian partnered with RDIF in July 2012 to buy stakes in the Moscow Exchange from Zao Unicredit Bank, acquiring around 2.5% and 2.7% respectively. In September 2012, BlackRock bought shares in the exchange from RDIF.

The largest shareholder is Russia's central bank, which will retain its 24% stake.

The company will use the proceeds to boost the capitalisation of its clearing subsidiary and improve IT infrastructure.

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• Topics
• CEE
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• BlackRock