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.
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.
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.
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)