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Exchange IPO Covered

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 is seeking to match the amount the state-backed Russian Direct Investment Fund 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 U.S., U.K. and Scandinavian investors, one of the sources said.


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