SPB Exchange IPO oversubscribed fivefold

MOSCOW. Nov 19 (Interfax) - The order book for the initial public offering of the SPB Exchange (formerly St. Petersburg Exchange) was oversubscribed more than fivefold, the exchange's CEO, Roman Goryunov said.

"The book was very heavily oversubscribed, more than five times oversubscribed," Goryunov said on TV channel RBC in a broadcast to mark the start of trading of SPB Exchange shares.

A source familiar with the deal told Interfax that the IPO was oversubscribed 500%, with overall demand exceeding $800 million and demand from retail investors topping $500 million.

The first trade with the company's shares on the SPB Exchange was made at a price of $12.01. In the first minute of trading the shares jumped to $13.50, but by 11:05 Moscow time the price was back down to $12.28. Trading volume totaled $15.2 million.