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Moscow Exchange to Use IPO Proceeds for NCC Capital and IT Development

04.02.2013 12:24 / Interfax

Moscow Exchange MICEX-RTS plans to use IPO proceeds for the capital of its subsidiary, National Clearing Center (NCC) and IT infrastructure development, according to the Exchange IPO prospectus.

The document states that NCC may assume central counterparty function in 2013 for bonds and shares repo trades, which may require additional capital to lower clearing participants’ default risks.

According to the prospectus, the targeted valuation is RUB 15bn, with a further RUB 5bn raise option. Secondary shares owned by shareholders through MICEX (Cyprus) Limited will total RUB 9bn worth of the initial RUB 15bn sold, with another RUB 6bn worth of primary shares sold through MICEX Finance. The exchange will receive the proceeds through subsidiary MICEX-Finance.

The price range for the initial public offering is set at RUB 55 to RUB 63 a share. Given the IPO volume (238 to 272,7 million shares), this translates to RUB 13,1-15bn bottom of the range and RUB 15-17,2bn top of the range.

The greenshoe option is 13%. The free float will amount to 10-12%.

Joint global coordinators and bookrunners are Credit Suisse, J.P. Morgan, Sberbank CIB and VTB Capital, joint bookrunners are Deutsche Bank, Goldman Sachs International, Morgan Stanley, Renaissance Capital and UBS.

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