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Sova Capital Acts as Joint Bookrunner on SPB Exchange $175 Million IPO

30 Nov 2021

SPB Exchange has raised about $175mn in a highly anticipated IPO on its own platform.

SPB Exchange is Russia’s leading platform for the trading of international securities thanks to deep liquidity, thin spreads, best execution capabilities, and nearly around-the-clock trading. The Exchange has also supported and benefited from the retail investment boom in Russia and is at the forefront of the retail investments into public equities.

Despite challenging market backdrop the book was oversubscribed more than fivefold at $800mn and the IPO was priced at the upper end of the price range allowing the exchange to upsize the deal to $175mn versus $150mn originally expected.

Alina Sychova, Head of Capital Markets Origination at Sova Capital:
“We are delighted to have supported SPB Exchange on its route to becoming a public company. It was a very interesting, challenging, and innovative transaction. The offering has gained strong interest from key local and international institutions, creating a foundation for further development and success of the Exchange.”