Exchange Debut No Boost for Moscow to Otkritie: Russia Overnight
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The Moscow Exchange’s $498 million debut on Russian markets will probably fail in enticing companies to list exclusively on the bourse, according to Otkritie Financial Corp. The shares slid below their offer price in intraday trading for a second day.
The initial public offering of Russia’s main stock and fixed-income exchange was the biggest on in Moscow since 2007. The Kremlin-backed Russian Direct Investment Fund invested $80 million in the IPO and attracted $200 million from other funds, Chief Executive Officer Kirill Dmitriev said Feb. 15. Chengdong Investment Corp., a unit of Chinese sovereign wealth fund CIC International Co., also invested, according to two people with knowledge of the deal who asked not to be named.