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 Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
- 2 To help fuel their propaganda machine against the poor, our government has now decided to redefine the word 'welfare'
- 3 Halle Berry takes ex-boyfriend Gabriel Aubry to court for allegedly trying to make daughter look less African-American
- 4 Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
- 5 'You should come to my house and eat cheeses with me': 4-year-old sends adorable love letter to girl at school
Turkish President: 'Equality between men and women is against nature'
Tamir Rice: 12-year-old boy playing with fake gun dies after being shot by Ohio police
Ferguson decision: Tea Party website mocks Michael Brown's family over T-shirt typo
Michael Brown shooting: Ten things we know – or know better – now the Ferguson grand jury's work is over
Isis propaganda image showing 'abuse of Muslim woman by soldiers' is actually taken from Hungarian porn film
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
The young are the new poor: Sharp increase in number of under-25s living in poverty, while over-65s are better off than ever
Revealed: How the world gets rich – from privatising British public services
iJobs Money & Business
£Attractive: Citifocus Ltd: High calibre individual with significant product d...
£Negotiable: Citifocus Ltd: Leading global bank seeks experienced credit analy...
£Attractive Package: Citifocus Ltd: High calibre individual with a high degree...
£Attractive: Citifocus Ltd: High calibre individual with superior academics an...