The order book for Moscow Exchange's stock market flotation has been fully covered, a day ahead of the bourse's initial public offering with China's sovereign wealth fund CIC investing. China Investment Corp is seeking to match the amount the state-backed Russian Direct Investment Fund is investing, which could see both take around 20 percent of the shares, or around US$100 million each (HK$778 million), sources said.
CIC was reportedly seeking up to 25 percent of the shares.
Success of the issue is politically and economically sensitive since President Vladimir Putin sees it as part of his efforts to transform Moscow into an international financial hub.
A price range has been set at between 55 rubles (HK$14.15) and 63 rubles, valuing it at US$4 billion to US$4.6 billion, and seeking to raise around US$500 million. The Moscow Exchange, in which Russia's central bank owns 24.3 percent, will float today, choosing to list on its own platform. REUTERS
