Exclusive-SPB aims to raise $150 million in Russia IPO before 2022 Nasdaq float -sources

MOSCOW (Reuters) – Russia’s SPB Exchange hopes to raise $150 million in an IPO on its own bourse before the year-end ahead of a larger U.S. listing in the first half of 2022, two people familiar with the matter told Reuters on Thursday.

Russia’s second-largest bourse specialises in listing foreign securities and saw a surge in volumes during the COVID-19 pandemic, peaking at $39.2 billion in March, as retail investors took to trading while lockdowns kept them at home.

The second part of SPB’s IPO is planned for April 2022, earlier than previous reports have suggested, with a target to raise an additional $300 million on Nasdaq, the sources said.

SPB declined to comment.

The bourse’s local listing will comprise around 10% of its share capital, the sources said.

An internal document seen by Reuters said SPB planned to be technically ready for the listing by mid-November.

SPB’s trading volumes in September were $26.8 billion, up 47.8% year-on-year. Its larger rival the Moscow Exchange saw trading volumes of around $39 billion for its stocks section that month.

SPB, which was previously known as Saint-Petersburg Exchange before a rebranding this summer, said in July it was planning a public offering of additional shares to double its registered capital.

Earlier this year, SPB told Reuters it may expand its range of financial instruments, such as more foreign securities and a derivatives section, before a 2022 IPO and was seeking extra capital after turning profitable in the second quarter of 2020.

($1 = 71.7241 roubles)

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