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RDIF, China’s CIC back MICEX IPO

15 Feb 2013

moscowToday’s IPO of Moscow Exchange (MICEX) was backed by Russia’s state-owned $10bn private equity fund RDIF and China’s sovereign wealth fund CIC, it emerged this morning.

RDIF has agreed to invest $80m for a 4.5 per cent stake in Moscow Exchange, which is to receive a further $200m from other investors including the European Bank of Reconstruction and Development, Cartesian Capital, BlackRock

Kirill Dmitriev, CEO of RDIF, said, “The interest from international investors shows the attractiveness of the Moscow Exchange and Russia’s capital market as a whole.”

Moscow Exchange – Russia’s largest exchange – has raised a total of RUB15bn, or nearly $500m, valuing its entire share capital at $4.2bn.

Its placing price of 55 roubles per share was slightly below what analysts had expected, according to Reuters, which noted that the pricing was initially set at between 55 and 63 roubles per share.

The group said it will have a free float of 30 per cent following the offering. Russia’s VTB Capital, which acts as a stabilisation manager for Moscow Exchange, will have the right to buy up to 13 per cent of the stock within the next 30 days.

VTB, along with Credit Suisse, J.P. Morgan, Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners of the offering.

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