Russia’s 2nd Largest Bourse SPB Exchange offers shares at $11.5 per piece in IPO

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MOSCOW, Nov 18 (Reuters) – Russia’s second-largest bourse, SPB Exchange, said on Thursday it was offering shares in a listing on its own trading platform at $11.50 each, the upper boundary of earlier price guidance.

SPB, which specialises in listing foreign securities, saw a surge in volumes during the COVID-19 pandemic and is hoping for a subsequent listing on the Nasdaq Global Select Market in the first half of 2022 after its domestic IPO.

SPB Exchange, which had expected to raise around $150 million in its initial public offering (IPO), said its shares will start trading on Friday.

The bourse is planning to use the IPO proceeds for general corporate needs, including beefing up the capital of SPB Bank and SPB Clearing.

Reporting by Andrey Ostroukh; Editing by Kirsten Donovan