MOSCOW, July 22. /TASS/. The Moscow Exchange plans to stage up to five pre-IPO transactions on its MOEX Start over-the-counter (OTC) platform by the end of this year, Managing Director of the Moscow Exchange stock market Boris Blokhin told reporters on the sidelines of a press conference in TASS, dedicated to SR Space pre-IPO.
SR Space, a private aerospace company, entered the capital market using the Moscow Exchange’s OTC platform where unlisted securities are traded for the first time in Russia. The company plans to raise 1.5 bln rubles ($16.7 mln).
"We are happy that one deal was initiated," Blokhin said. "At the moment, we would like [to hold] up to five deals on this platform by the end of this year; we talk about non-public raising of capital only at present," he noted.
The target amount of pre-IPO transactions is expected in average from 300-500 million rubles to 1 bln rubles ($3.4-5.6 mln to $11.2 mln), Blokhin noted. "The financing limit at different stages varies for everyone, with strong dependence on a sector and on a company," he said.
The Moscow Exchange is receiving many requests from different sectors for the pre-IPO, the senior executive said. "We planned a while back that these would be IT companies in the first instance but we now face requests from almost all the existing sectors. Certainly, we give preference to high-technology companies having and developing science-intensive and significant technologies for their industries, and this should certainly imply exponential growth when implementing these technologies," he added.