Russia"s second-largest bourse, SPB Exchange, said on Thursday it was offering shares in a listing on its own trading platform at $11.50 each, the upper boundary of earlier price guidance. "Based on the offering price, the implied equity value of the company corresponds to $1.3 billion on a pre-money basis," SPB Exchange said in a statement. SPB, which specialises in listing foreign securities, saw a surge in volumes during the COVID-19 pandemic and is hoping for a subsequent listing on the Nasdaq Global Select Market in the first half of 2022 after its domestic initial public offering. SPB Exchange, which is raising around $170 million of gross proceeds in its initial public offering (IPO), said its shares will start trading on Friday. The bourse had expected to raise around $150 million in the IPO. "The proceeds will be used for general corporate purposes, including the increase of capital of the company"s operating subsidiaries, SPB Bank and SPB Clearing,"the bourse said.