Source: SPB Exchange’s IPO book oversubscribed by 2.5 times

MOSCOW, Nov 12 (PRIME) -- Investor bids for the initial public offering (IPO) of Russia’s SPB Exchange, previously known as Saint Petersburg Exchange, has exceeded the bidding book by 2.5 times, a financial source familiar with details of the deal told PRIME on Friday.

Currently, the bourse is collecting the bids on its own site with a price guidance of U.S. $10.5–11.5 per share. The exchange 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 final placement price will be announced tentatively November 19, which is also the date for SPB Exchange to start trade in its own shares.

The bourse sees retail investors as the key for its IPO, while large bids or bids from institutional investors should also exist.

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