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Russian bourse SPB confirms plans to list shares at home and in U.S.

MOSCOW (Reuters) – Russia’s second-largest bourse, SPB Exchange, said on Monday it planned an initial public offering on its own platform before the end of this year and to apply for a U.S. listing in the first half of 2022.

SPB, which specialises in listing foreign securities, hoped to raise $150 million in an IPO on its own bourse this year ahead of a larger U.S. listing in the first half of 2022, people familiar with the matter told Reuters earlier this month.

SPB said it intends to use net proceeds from the IPO for general corporate purposes, including the increase of capital of its key operating subsidiaries, Best Efforts Bank (SPB Bank) and MFB Clearing Center (SPB Clearing).

The bourse, which saw a surge in volumes during the COVID-19 pandemic, said it intends to register new and existing shares in the form of American Depository Shares in the United States as part of a subsequent offering, aiming at listing on the Nasdaq Global Select Market.

“The company believes that an eventual listing of its securities in the United States would complete its strategic goal of becoming a public company,” it said.

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.

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