SPB Exchange sets IPO price guidance at $10.5–11.5 per share

MOSCOW, Nov 9 (PRIME) -- The SPB Exchange, formerly known as Saint Petersburg Exchange, has set the price guidance for an initial public offering (IPO) on its own bourse at U.S. $10.5–11.5 per share, the bourse said in a statement on Tuesday.

The company plans to sell up to 12.5% of the current shareholder equity, or up to 14.3 million shares, and raise around $150 million, the bourse said.

The final placement price will be defined after book building, and announced tentatively on November 19. The SPB Exchange may hold stabilization deals 340 days after the IPO with the maximum amount of up to 15% of shares. The 180-day lock-up should be in force for the company, its top managers, and the majority of other shareholders that owned more than 75% in the bourse before the placement.

VTB Capital, Tinkoff Bank, Alfa CIB, Aton, Bank GPB International, BCS Global Markets, Finam, Freedom Finance, Otkritie Financial Corporation Bank, Sova Capital, and Sovcombank act as the organizers of the placement.

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