Published: February 4, 2013
The Russian exchange is aiming to raise RUB15bn (US$501mn) in the primary and secondary markets.
MICEX-RTS, the Moscow Stock Exchange, has announced the terms of an upcoming IPO to be launched on its own trading platform.
The indicative price range has been set at RUB55-RUB63 a share, with gross proceeds set to reach RUB15bn (US$501mn). This figure will consist of a RUB6bn primary offering, to be sold by MICEX-Finance LLC, and a secondary tranche of RUB9bn, to be offloaded by existing shareholders through MICEX (Cyprus) Limited. The total amount may be increased by RUB5bn depending on investor demand.
VTB Capital, in its role as stabilising manager, has the right to acquire up to 13% of the total number of share placed for a stabilisation period of 30 days. After this period, ownership of the shares will be transferred back to MICEX-Finance LLC.
Final pricing is set to be announced on 15 February, the same day that trading begins under the ticker symbol MOEX. Credit Suisse, JP Morgan, Sberbank and VTB Capital are acting as joint global coordinators and joint bookrunners. Deutsche Bank, Goldman Sachs, Morgan Stanley, Renaissance Capital and UBS are additional joint bookrunners.
Dividends on the shares will equate to no less than 30% of consolidated net profit in respect of year-end 2012, no less than 40% in respect of year-end 2013, and no less than 50% in respect of year-end 2014.