The Moscow Exchange has announced an indicative per-share price range of between 55 and 63 rubles ($1.8 and $2) for its planned initial public offering.
Credit Suisse, J.P. Morgan, Sberbank CIB and VTB Capital are joint global coordinators and joint bookrunners for the IPO, to be carried out on the bourse’s own platform. Deutsche Bank, Goldman Sachs, Morgan Stanley, Renaissance Capital and UBS are acting as bookrunners.
The shares are expected to raise 15bn rubles ($500m) – a 9bn-ruble ($300m) secondary share component and a 6m-ruble ($200m) primary component, – but the size of the offering may be increased by up to 5bn rubles ($165m) subject to investor demand, the exchange said in a statement.
The exchange, formed over a year ago by merging Moscow’s Micex and RTS bourses, plans to use the net proceeds from the IPO to boost the capitalisation of its clearing subsidiary, the National Clearing Centre, and partially upgrade its IT infrastructure.
VTB Capital as a stabilising manager will have the right to acquire ordinary shares making up a maximum of 13% of the total amount of stock to be floated. However, the bank would transfer the ownership of the shares back to the exchange’s Micex‐Finance subsidiary during or after the stabilisation period, which would take up to 30 days.
The exchange said it envisages dividends of a minimum of 30% of the consolidated net profit calculated under IFRS for 2012, of no less than 40% for 2013 and of at least 50% for 2014.
The final pricing is expected to be announced on February 15, with dealings beginning the same day under the ticker symbol MOEX on the Micex trading platform.
The exchange will be subject to a lock-up period of 180 days after the IPO.