MOSCOW, Nov 9 (Reuters) - Russia’s second-largest bourse, SPB Exchange, said on Tuesday it had launched its initial public offering (IPO), setting the price range at $10.50-11.50 per share, implying an equity value of the company of up to $1.3 billion.
SPB, which specialises in listing foreign securities, saw a surge in volumes during the COVID-19 pandemic and is hoping for a subsequent listing on the Nasdaq Global Select Market in the first half of 2022 after its domestic IPO.
SPB Exchange said it will offer up to 14.3 million shares, raising around $150 million if a repurchase option is not exercised.
“Based on the indicative price range, the implied equity value of the company corresponds to $1.2 — $1.3 billion on a pre-money basis,” SBP Exchange said in a statement.
SPB, previously known as Saint-Petersburg Exchange before a rebranding this summer, expects trading to begin on SPB Exchange on or around Nov. 19.
SPB Exchange said it will offer shares to investors in Russia and other buyers outside the United States, planning to use the proceeds for general corporate needs, including beefing up capital of SPB Bank and SPB Clearing.
VTB Capital, Tinkoff, Alfa CIB, Aton, Bank GPB International S.A., BCS Global Markets, Investment Company FINAM, Freedom Finance, Otkritie Bank, Sova Capital and Sovcombank are arranging the listing.
(Reporting by Andrey Ostroukh; additiong reporting by Maxim Rodionov; Editing by Kim Coghill, Kirsten Donovan)