Moscow Exchange IPO sets market cap at $4.2bn

Anneken Tappe
15 February 2013

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Private equity-backed Moscow Exchange (MICEX) has set its IPO offer price at RUB 126.9bn ($4.2bn).

The company's market cap is in the lower bound of the expected range of $4-4.6bn, translating to RUB 55 ($1.83) per share. The total offering size amounts to RUB 15bn ($500m), which includes RUB 9bn ($300m) sold by existing shareholders via the Cypriot MICEX Group and RUB 6bn ($200m) by MICEX itself, representing a 30% free float.

VTB Capital has the option to purchase up to 13% of the company's shares for a 30-day period following the offering for stabilisation purposes. Shareholders are subject to a 180-day lock-up period.

Credit Suisse, J.P. Morgan, Sberbank CIB and VTB Capital were joint global coordinators for the IPO. Deutsche Bank, Goldman Sachs, Morgan Stanley, Renaissance Capital and UBS acted as joint bookrunners.

The Moscow Exchange is backed by BlackRock, Cartesian Capital Partners and the Russian Direct Investment Fund. The EBRD holds a 5.8% stake, while VTB Group owns 5.6% of the shares. The Russian Central Bank, which owns 24% of the company, will retain its stake.

The company will trade under the ticker symbol MOEX.

Company
OJSC Moscow Exchange MICEX-RTS is Russia's primary public trading market for equities, bonds, derivatives, forex and money market products. Russia's Central Securities Depositories and the National Clearing Centre are also part of the company. More than 690 companies are listed on the exchange.

The exchange was created in 2011, when MICEX Group and RTS Group joint their respective securities and derivatives platforms.

People
Sergei Shvetsov is chairman of the Moscow Exchange supervisory board. Alexander Afanasiev is CEO of the company.