Moscow bourse eyes $500mn in IPO

The Kremlin is seen from the offices of the Moscow Exchange in Moscow yesterday. The Moscow Exchange, Russia’s biggest bourse, plans to raise more than $500mn in an initial public offering, according to a person with knowledge of the matter. The benchmark Micex trades at about 5.7 times estimated earnings and has added 4% this year. That compares with a multiple of 10.8 times for the MSCI Emerging Markets Index, which has gained 1.7% this year. Russian equities have the lowest valuations based on estimated earnings among 21 emerging markets tracked by Bloomberg.