MOSCOW, Dec 1 (Reuters) - Russian lender Sovcombank said on Friday it expects a market capitalisation of 200-219 billion roubles ($2.24-$2.46 billion)after its initial public offering (IPO) on Moscow Exchange later this month, the latest in a small flurry of Russian market debuts.
Sovcombank, one of Russia's 13 official "systemically important" credit institutions and under U.S., EU and UK sanctions over Russia's actions in Ukraine, has been waiting for the right moment to list for years.
On Friday, the bank said it hopes to raise 10 billion roubles, a far cry from the billion-dollar listings Russia saw before launching the conflict in Ukraine in February 2022. It set the price range for the offering at 10.5-11.5 roubles per share.
"The IPO is a natural step in our development, which will serve as an additional motivating factor for our employees, as well as provide additional opportunities for making further M&A deals," Dmitry Gusev, chairman of Sovcombank's board, said in a statement.
Sovcombank said it has already received offers for half of the expected overall offer size from a number of major Russian institutional investors to participate in the IPO.
Trading is expected to start on Dec. 15, Sovcombank said.
Russian companies have raised around 29 billion roubles this year through IPOs, with listings characterised by small volumes and the presence of domestic retail investors.
Pawn broker Mosgorlombard also announced its intention to list on Friday, expecting a free float of 36% after an early-December debut. ($1 = 89.2025 roubles) (Reporting by Elena Fabrichnaya; writing by Alexander Marrow; editing by Guy Faulconbridge and Susan Fenton)
