Saint Petersburg Exchange Plans IPO on NASDAQ Next Year

Saint Petersburg Stock Exchange (SPB Exchange) is going to raise $300 million during Initial Public Offering on NASDAQ next year, according to the TASS news agency.

Moreover, the exchange wants to attract an additional $150 million during IPO on its platform. Technically the company should be ready for listing by the middle of November.

According to people familiar with the issue, the exchange is going to offer Russian investors its shares while investors on NASDAQ will be able to buy depository receipts.

Many investors were aware of the move in advance thanks to the Kommersant edition which reported that the SPB Exchange plans to go public this fall. The main underwriter has already been chosen and the preliminary valuation of the company is more than $1.8 billion for the group as a whole.

SPB Exchange helps investors from Russia and CIS countries get access to more than 1,500 companies’ stocks from Europe, Asia, the U.S. and India. Investors can choose whatever they want: shares, depository receipts or eurobonds by foreign issuers.

Freedom Finance brokerage firm owns 12.8% of the exchange stocks which it bought in December 2019. Among other shareholders of the SPB Exchange are Bank Derzhava (5.8%), Sovcombank (in April 2021, it beefed up its share from 3.3% to 12.9%), Amereus Group (5.54%), VTB (5%) and Tinkoff Bank (5%).