The order book for Moscow Exchange’s stock market flotation has been fully covered, a day ahead of the bourse’s IPO, with China’s sovereign wealth fund CIC joining Russia’s state private equity fund in investing. China Investment Corp (CIC) is seeking to match the amount the state-backed Russian Direct Investment Fund (RDIF) is investing, which could see both take around 20 percent of the shares, or around $100 million each, the sources said. One of the sources said CIC was seeking up to 25 percent of the shares.
The rest of the book is being filled with US, UK and Scandinavian investors, one of the sources said. Success of the issue is politically and economically sensitive given President Vladimir Putin sees it as part of his efforts to transform Moscow into an international financial hub………………………………………Full Article: Source