Exclusive-SPB aims to raise $150 million in Russia IPO before 2022 Nasdaq float -sources

- Advertisement -


MOSCOW (Businesshala) – Russia’s SPB exchange expects to raise $150 million in its own IPO before the end of the year ahead of a major US listing in the first half of 2022, two people familiar with the matter told Businesshala on Thursday. Told.

- Advertisement -

Russia’s second-largest exchange specializes in listing foreign securities and saw volumes surge during the COVID-19 pandemic in March, peaking at $39.2 billion as retail investors began trading while the lockdown had kept them at home.

- Advertisement -

Sources said the second part of SPB’s IPO is planned for April 2022, before previous reports suggested it was targeted to raise an additional $300 million on Nasdaq.

SPB declined to comment.

- Advertisement -

Sources said the local listing of the exchange would comprise around 10% of its share capital.

An internal document seen by Businesshala said SPB plans to be technically ready for listing by mid-November.

SPB’s trading volume in September was $26.8 billion, up 47.8% year-on-year. Its larger rival, the Moscow Exchange, saw nearly $39 billion in trading volume for its stock section that month.

SPB, formerly known as the Saint-Petersburg Exchange before rebranding this summer, said in July that it was planning a public offering of additional shares to double its registered capital.

Earlier this year, SPB told Businesshala it may expand its range of financial instruments such as more foreign securities and a derivatives section ahead of its 2022 IPO and seek additional capital after turning profitable in the second quarter of 2020. was doing.

($1 = 71.7241 rubles)

Additional reporting by Andrey Ostrokh; Editing by Alexander Smith

.

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox