The Moscow Stock Exchange has announced its IPO, but has so far not released any more concrete details. However, it has been confirmed that the banks handling the IPO will be JPMorgan Chase, Credit Suisse, Sberbank and VTBank.

Analysts have suggested it is too early in the IPO's pre-marketing phase to pinpoint how much the offering might be worth, a source close to the deal told Fox Business it is expected to clock in somewhere between $4bn and $6bn. This estimate is likely based on the value of the merger of the MICEX and dollar-denominated RTS in 2011, which resulted in the creation of the Moscow Stock Exchange and was worth $4.5bn at the time.

“The exchange's own listing is a key element of our strategy to promote the development of the local capital markets as well as to broaden the regional and international appeal of Moscow as a financial centre,” said Sergei Shvetsov, chairman of the exchange's supervisory board. “As a public company, Moscow Exchange will be committed to demonstrating leadership in corporate governance practices and transparency.”

So far, Moscow Stock Exchange's two biggest shareholders, the Bank of Russia and Sberbank, who hold 24.3 percent and 10.3 percent stakes respectively, have announced they will not be selling any of their shares in the upcoming IPO.