Cut-price start for Vladimir Putin’s pride
Friday 15 February 2013
Russian president Vladimir Putin’s ambitions to create a major financial centre in his country suffered a blow today when the flotation of the Moscow Exchange ended up priced at the bottom of the suggested range.
The shares were sold at 55 roubles, the bottom of the 55-63 roubles price range, valuing the exchange at 127 billion roubles (£2.8 billion).
Putin had encouraged the flotation of Moscow Exchange on its own market in a bid to convince other Russian companies that they did not need to make their main listing in London or New York. Today’s listing is the largest ever solely on the Russian exchange.
Although Moscow Exchange said the share offer had been oversubscribed, this included a sizeable investment by the Russian state private equity fund RDIF.
Alexander Afanasiev, chief executive of Moscow Exchange, said: “The fact that the offering was oversubscribed… is genuine recognition of the recent initiatives to develop Russia’s capital market infrastructure.”
The chairman of the exchange, Russian central bank deputy chairman Sergei Shvetsov, said: “We believe that the Russian economy will continue to be one of the fastest growing major global economies and the exchange will play a critical part in this growth.”
- 1 Woman accidentally shoots herself in the head while posing for a selfie
- 2 Isis burns woman alive for refusing to engage in 'extreme' sex act, UN says
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Female Muay Thai champion hustles coaches to give them a beating
- 5 16-year-old girl beaten and burned alive by lynch mob in Rio Bravo, Guatemala
As a white man, I'm surprised more women aren't tweeting the hashtag #KillAllWhiteMen
Scotland may have to leave the EU even if it votes to stay in, David Cameron confirms
The day that Britain resigned as a global power
Almost a third of school pupils believe 'Muslims are taking over our country', study claims
SNP fury as HS2 finds 'no business case' for taking fast train service to Scotland
Gay marriage 'Bert and Ernie' cake bakery found guilty of discrimination in Northern Ireland
iJobs Money & Business
£40-50K: Guru Careers: We are seeking an experienced Software / C# Developer w...
£45,000 - £55,000: Neil Pavier: Are you looking for your next opportunity for ...
£45,000 - £55,000: Sheridan Maine: Are you a newly qualified ACA/ACCA/ACMA qua...
£50,000 - £60,000: Laura Norton: Are you looking for an opportunity within a w...