Moscow Exchange Posts First-Week Post-IPO Loss
Shares of newly minted Muscovite IPO Moscow Exchange, now a "stock" itself following its Feb. 15 initial public offering, closed Friday at 54.5 Russian rubles per share. The shares have lost 0.9% of their value since the IPO.
The company's full name is "OJSC Moscow Exchange MICEX-RTS" but is more commonly known simply as the Moscow Exchange. It is Russia's largest stock and fixed-income exchange by volume. Its IPO, which rolled out with the ticker symbol "MOEX," was Russia's largest in deal size since 2007, valued at 15 billion rubles.
In a statement at the time of the IPO, company Chief Executive Officer Alexander Afanasiev noted: "Moscow Exchange's IPO, the largest ever solely on a Russian exchange platform, marks a major step forward in its development as well as the future growth prospects of the Russian financial market. The fact that the offering was oversubscribed demonstrates a vote of confidence in Russian listed equities and is genuine recognition of the recent initiatives to develop Russia's capital market infrastructure."
Despite the week's decline, Moscow Exchange has a market cap of 125.8 billion ($4.2 billion). That's approximately $1 billion less than the market cap of America's Nasdaq OMX Group , and a bit less than half the market cap of NYSE Euronext .
The article Moscow Exchange Posts First-Week Post-IPO Loss originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends NYSE Euronext. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.