The Moscow Exchange, Russia’s main stock index, is set to become one of Europe’s largest bourses by market capitalisation after publishing a price range for its flotation that values the company at $4-$4.6 billion.

The exchange said yesterday that shares would be priced at 55 to 63 roubles each as it looks to raise more than $500 million in its initial public offering, as part of a push the Kremlin hopes will help attract more stock market listings.

The bottom-of-the-range valuation would make it comparable to the London Stock Exchange, its main rival for the flotation of Russian companies and on a par with Nasdaq OMX. Deutsche Börse is Europe’s largest exchange by market capitalisation, with a valuation of about $11 billion. – (Copyright The Financial Times Limited 2013)