Exchange makes cut-price start in Moscow
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."
World news in pictures
Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
Plenty of Fish dating site founder pulls 'Intimate Encounters' option to ward off sleazy men
Oklahoma tornado latest: Obama pledges support for 'as long as it takes' to rebuild the suburb of Moore
Video emerges of Pope Francis reportedly performing an exorcism
- 1 Gay couple beaten in park urge MPs to moderate language on gay marriage
- 2 Swedes set up 'ultimate Viking movie'
- 3 After woman sells virginity for $780,000, here are the results of our prostitution survey
- 4 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 5 'It was just like the movie Twister': Man survives Oklahoma tornado by taking refuge in horse stall
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
iJobs Money & Business
£850 - £1000 per day: Orgtel: Programme Change Manager - Banking - London - £8...
£180 - £230 per day: Orgtel: Operations Analyst - Leading Bank in the City of ...
£500 per day: Orgtel: A top tier banking client urgently requires Finance Busi...
£425 - £550 per day: Orgtel: Senior Finance Project Manager - £550 - Bristol -...