MICEX-RTS selects JP Morgan, Credit Suisse, Sberbank, VTB as global IPO coordinators
MOSCOW. Feb 20 (Interfax) - The board of directors of the unified MICEX-RTS stock exchange have approved JP Morgan, Credit Suisse, Sberbank and VTB as global coordinators for its IPO, a source familiar with the board of directors' decision told Interfax.
MICEX-RTS earlier said that its board of directors approved the structure of the underwriter syndicate consisting of four global coordinators/bookrunners and five bookrunners in the framework of the agenda item "On operations with OJSC MICEX-RTS shares and IPO preparations."
"The agreements still haven't been signed," the source said. He added that the five bookrunners include banks such as Deutsche Bank and Renaissance Capital.
The Central Bank of Russia's first deputy chairman, Alexei Ulyukayev, earlier said that the MICEX-RTS might hold an IPO in the fourth quarter of 2012 if conditions on the market permit. "We hope that the organization will have at least $6 billion in capital after this placement," which might be able to concentrate liquidity on Russian markets effectively, he said. Ulyukayev said that strategic investors, major exchanges, and financial investors have shown much interested in the MICEX-RTS IPO
According to the memorandum on the MICEX and RTS merger, the unified stock exchange might hold an IPO in 2013. The former shareholders in the RTS have preferred rights to sell their shares in the exchange during the placement of the first 9 billion rubles. At the same time, the estimate of the exchange during its IPO should come to at least 138 billion rubles. If the IPO is not held in 2013, the former RTS shareholders have the right to present their shares for buyback based on an estimate that puts the exchange at 138 billion rubles plus 12.5%.