By Marcus Williams
Russian biotechnology company Human Stem Cell Institute (HSCI) yesterday sold 20% of its shares in an initial public offering (IPO) raising 143.5 million rubles ($4.8m) on the Micex exchange in Moscow.
HSCI sold 15 million additional shares at 9.5 rubles per share on the MICEX’s new sector for innovation and growth companies. Russia’s first IPO since last year’s banking crisis was organised by Alor Invest.
The IPO attracted over 300 investors, most of them individuals, whose demand for shares exceeded the supply.
Rusnano’s head Anatoly Chubais said the creation of a market for innovation companies on the MICEX is a key strategic initiative.
He said: “That’s why RUSNANO and the MICEX began to develop a new project, “Russian NASDAQ”, the creation of an exchange for innovation businesses. Today’s IPO made by The Human Stem Cells Institute is a special event. This is the first time in the Russian history that an innovation company has made its IPO under a special procedure.”
Micex President Konstantin Korischenko said the exchange expects about ten companies to enter the new high-tech market next year.
