Small innovative companies are invited to the investment market
As part of the Round Table held today, the MICEX Group and RUSNANO presented to representatives of leading private equity funds, venture funds and banks a joint project – the Innovation and Investment Market.
The new exchange sector – the Investment and Innovation Market – was created on the basis of the sector of Innovative and Growing Companies (IRC) operating on the MICEX Stock Exchange since 2007. The new exchange sector is designed to help attract investment, primarily in small and medium-cap companies, companies in the innovative sector of the Russian economy. The Coordinating Council of the Innovation and Investment Market at the MICEX was headed by Anatoly Chubais. Gennady Margolit, Vice President of MICEX CJSC, became the Executive Secretary of the Council.
Within the new sector, there will be three main segments designed for companies with different degrees of maturity and capitalization and different groups of investors:
- The IRC sector, which has been successfully operating on the MICEX Stock Exchange since 2007 and allows fast-growing companies in the innovation sector to conduct IPOs and secondary trades in all major MICEX modes;
- a platform for private placements. Unlike the IRC Sector, the main focus will not be on IPOs and the creation of a liquid secondary market for companies, but on the possibility of private placements, using the advantages of exchange technologies and listing. Secondary circulation will be carried out among qualified investors within the framework of trading technologies focused on trading in large packages;
- the placement and trading sector for non-public companies (information board), which allows attracting financing for young and growing companies that are not yet ready to be placed and traded on a full-fledged public market.
MICEX Group is an integrated exchange structure that provides electronic trading, clearing, settlement of transactions, depository and information services on the basis of a single technological platform. The Group includes CJSC MICEX, CJSC MICEX Stock Exchange, CJSC National Commodity Exchange, CJSC MICEX Clearing House, Non–profit Partnership National Depository Center, CJSC JSCB National Clearing Center, CJSC MICEX - Information Technologies, regional exchange and settlement centers. They serve more than 1,700 participants of the exchange market – leading Russian banks and brokerage companies in Moscow and other major financial and industrial centers of Russia. Currently, several key financial markets operate within the MICEX Group: the foreign exchange market, the government bond market, the stock market, the corporate and regional bond market, the derivatives market, and the money market.
In his welcoming speech, RUSNANO CEO Anatoly Chubais expressed hope that "this platform will become an important tool for creating a favorable environment for attracting investment in the innovative sector of the Russian economy." The President of MICEX Konstantin Korishchenko made a welcoming address to the participants, noting that "the main purpose of RII is to help companies receive financing using exchange mechanisms, including by conducting closed placements among funds and qualified investors."
RUSNANO Managing Director Dionis Gordin and Vice President of MICEX CJSC Gennady Margolit also spoke at the Round Table. The latter noted that "The innovation and investment market is being created on a solid foundation, its basis is the sector of Innovative and growing companies, which has been functioning since 2007, and is more adapted to the current economic situation in the country and the needs of innovative issuers. We hope that over time it will become a "conveyor" for bringing shares of new issuers to the stock exchange."
Also during the event, Andrey Komkov, Director of Strategy and Development of OJSC Concern Energomera, presented his company as a potential issuer of a new exchange sector. During the panel discussion, professional market participants discussed the possibilities of the stock exchange to attract investment in innovative companies.
Yuri Frenchov, Director of Strategic Development at Intel Corporation, expressed interest in the emergence of such an exchange sector: "The creation of a new platform that provides additional exit opportunities for investors is just as important today as the initial attraction of investments. After all, there are few such ways to exit high-tech Russian companies, and some investments are already approaching their deadline."
Portal "Eternal youth" http://vechnayamolodost.ru according to the materials of the RUSNANO press service
15.07.2009