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 were priced at 55 roubles, the bottom of the suggested range (55-63.) This valued the exchange at 127 billion roubles (£2.8bn).
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.
Although Moscow Exchange said the share offer had been oversubscribed, this included a sizeable investment by the Russian state private equity fund RDIF.
The chairman of the exchange, Russian central bank deputy chairman Sergei Shvetsov, said: "We believe the exchange will be vital in Russia continuing to have one of the fastest growing global economies."