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Private equity in action - Case Study

RTS Stock Exchange

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Country Russia
Region Russia
Investor Da Vinci Capital Management
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In January 2008, Da Vinci Private Sector Growth Fund made initial investment in RTS Stock Exchange - one of the two leading Russian stock exchanges, with subsidiary exchanges in Kazakhstan and Ukraine. In 2011, RTS and the MICEX stock exchange signed a framework agreement to merge, with the combined entity becoming the 9th-largest exchange group in the world.

Since then, Da Vinci has held RTS-MICEX to grow, accelerating the development of derivatives markets and creating a reliable trading platform, as well as leading the process for much-needed Russian financial market regulatory reform. The business is now in the process of developing an IPO plan of its own, which would value it at up to $6bn.

Currently Russian capital markets infrastructure undergoes main changes and creating a solid local exchange is a milestone event in establishing International Financial Center in Moscow.

Quotation Marks Graphic
$6bn

maximum market cap at IPO

9th

largest global exchange

What did the business need?

  • Support for developing a genuine growth strategy
  • Development of improved trading platforms
  • Increased international presence
  • Improve local regulatory framework

How did private equity backing create lasting value?

  • Pivotal role in merger of RTS and MICEX
  • Won IPOs and cash equity liquidity by focusing on development of domesticinvestor base and by attracting foreign investors
  • Accelerated and diversify the development of derivatives market
  • Created reliable and high-speed trading platform and high-quality IT services
  • Led the process of Russian financial market regulatory reform
  • Corporate governance, sales and marketing improvements
  • Set up of commodity exchange in Kazakhstan

What outcomes did private equity investment achieve?

  • Business transformed into 9th-largest exchange group in the world
  • Exchange now has international profile and investors
  • Target for IPO with market capitalisation of up to $6bn

More information

RTS Stock Exchange

Da Vinci Capital Management

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