MOSCOW, (Reuters) – Russia’s second-largest bourse SPB Exchange announced Monday that they plan to issue an initial public offering via their own platform in January and then apply for a listing on the United States exchange during the first half.

SPB, which is a specialty in listing foreign securities in an IPO, hoped for $150 million this year, ahead of a larger U.S. listing during the first half 2022. This was according to people who were familiar with this matter.

SPB indicated that the IPO net proceeds will be used by the company for its general corporate purposes. SPB Bank’s Best Efforts Bank and MFB Clearing Center (SPB Clearing) are two of its key operating subsidiary companies.

Following the COVID-19 epidemic, the volume of shares registered by the bourse soared. The company plans to register additional and existing shares using American Depository Shares (USD) in an upcoming offering that aims at listing on Nasdaq Global Select Market.

According to the company, “The company feels that listing its securities in America would help it achieve its ultimate goal of being a publicly traded company.”

SPB was formerly known as Saint-Petersburg Exchange. It rebranded this summer and announced in July that it planned to issue additional shares. This would double the registered capital.