Russian bourse plans IPO in first half of 2022

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Russian bourse plans IPO in first half of 2022

MOSCOW, Oct. 18 Reuters - SPB Exchange said on Monday it planned an initial public offering in Russia before the end of this year and could apply for a U.S. market listing in the first half of 2022.

SPB, which specializes in listing foreign securities, hoped to raise $150 million in an IPO on its own bourse this year ahead of a larger U.S. listing in the first half of 2022, people familiar with the matter told Reuters earlier this month.

SPB said it intends to use the net proceeds of the IPO for general corporate purposes, including the increase of capital of its key operating subsidiaries, Best Efforts Bank SPB Bank and MFB Clearing Center SPB Clearing The bourse, which saw an explosion in volumes during the COVID - 19 Pandemic, said it intends to register new and existing shares in the form of American Depository Shares in the United States as part of a subsequent offering aiming at listing on the Nasda

The company believes that an eventual listing of its securities in the United States would complete its strategic goal of becoming a public company, it said.

SPB, which was previously known as the St.Petersburg Exchange before a rebranding this summer, said that in July it had planned to sell additional shares to double its registered capital.