Russian stock exchange priced

 
City A.M. Reporter
MOSCOW’S stock exchange will be valued at up to $4.6bn in its planned stock market flotation, which will raise around $500m for the company and selling shareholders, according to a price range published yesterday.

The Moscow Exchange, Russia’s main venue for trading in stocks, bonds, currencies and derivatives, is to float on its own platform in an attempt to revitalise Russia’s capital markets and convince companies to list domestically.

Promoting Moscow's markets has been backed by the Kremlin in a bid to transform the Russian capital into a global financial centre. President Vladimir Putin recently called for upcoming privatisations of state assets to be held in Russia.

The exchange, formed in 2011 through the merger of Moscow’s two largest stock exchanges

– MICEX and RTS – set an indicative price range for its initial public offering (IPO) of between 55 (£1.15) and 63 roubles.