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Following its announcement on 21 January 2013, OJSC Moscow Exchange MICEX-RTS ("Moscow Exchange” or the “Company”) announces the indicative price range for its planned initial public offering ("IPO" or “The Offering”).
Highlights
- Indicative price range set at RUB 55 to RUB 63 per share.
- The shares will be offered by MICEX (CYPRUS) LIMITED and MICEX-Finance LLC, the Company’s wholly owned subsidiaries. The total gross proceeds of the Offering are expected to be RUB 15 billion, consisting of RUB 9 billion secondary share component sold by existing shareholders via MICEX (CYPRUS) LIMITED and RUB 6 billion primary share component sold by MICEX-Finance LLC. The Company may potentially increase the size of the Offering, subject to investor demand, by up to RUB 5 billion.
- The Company plans to use the net proceeds from the Offering to further increase capitalization levels of its clearing subsidiary, the National Clearing Centre, which is regulated as a bank, and for certain IT infrastructure upgrades.
- Following the Offering, the Company, MICEX-Finance LLC, MICEX (CYPRUS) LIMITED and shareholders selling their shares through MICEX (CYPRUS) LIMITED will be subject to a lock-up for a period of 180 days. In addition, shareholders of the Company holding approximately 60% of the issued and outstanding Ordinary Shares immediately prior to the Offering have either entered into, or are expected to enter into similar lock-up arrangements.
- In connection with the Offering, VTB Capital acting as a stabilising manager will have the right to acquire, for stabilisation purposes, ordinary shares of the Company in a number up to 13% of the total number of shares placed in the Offering. The acquisition of the ordinary shares by the stabilising manager in the course of stabilising transactions will result in the transfer of ownership title to such shares back to MICEX-Finance LLC during or following the end of a stabilisation period of up to 30 days.
- The Company announces its dividend policy, envisaging dividends of no less than 30% of the consolidated net profit calculated under IFRS in respect of the year ended December 31, 2012, no less than 40% in respect of the year ended December 31, 2013 and no less than 50% in respect of the year ended December 31, 2014.
- Announcement of final pricing is currently expected on 15 February 2013, with dealings in the shares beginning on the same day under the ticker symbol MOEX on the Company’s own trading platform, CJSC MICEX Stock Exchange.
Credit Suisse, J.P. Morgan, Sberbank CIB and VTB Capital are acting as joint global coordinators and joint bookrunners of the Offering. Deutsche Bank, Goldman Sachs International, Morgan Stanley, Renaissance Capital and UBS Investment Bank are acting as joint bookrunners.
