Innovation and Investment Market (iIM)
Innovation and Investment Market (iIM) is the Moscow Exchange market dedicated to the innovative and high-tech enterprises with high growth potential. iIM was created on 5 June 2009, when Moscow Exchange (ex MICEX Group) and RUSNANO have made a cooperation agreement and founded a new exchange sector.
The main goal of the iIM: improving access to the capital for the innovative and high-tech companies in Russia.
iIM consists of three segments. Each segment is intended for certain types of investors and issuers with different stages of business development:
- The iIM sector provides the innovative companies to conduct IPO/SPO and get admission to public trading.
- The iIM-2 sector is the special exchange sector for the private placements. Special exchange technologies are available to the investors and issuers (block-trading). This sector is for the qualified investors only.
- IPOboard is online information and trading system which provides efficient access to the venture capital and private equity for the leading Russian innovative small and medium non-public companies.
Joining iIM. The main requirements
- Russian and foreign securities can be admitted to trading on iIM
- Admitted instruments: equities, bonds and open/close mutual funds
- Market capitalization: not less RUB 150 mln.
- Business specification: telecommunications, Internet, software, development and production of semiconductor devices, biotechnology, pharmaceuticals, high-tech, knowledge-based, new materials, energy efficiency, innovative manufacturing companies and etc.
- Rating of the issuer and/ or its bond issue by one of the approval rating agencies
- Securities prospectus. The securities prospectus is to be drawn up in line with Russian law and information disclosure standards.
- Investment memorandum with more detailed information about the company's financial and operative activity and main goals and plans for providing potential growth.
- Agreement with Listing Agent.
Listing agent – advisory/broker/investment company accredited by the Moscow Exchange. The Listing Agent provides the following services:
- preparation a set of documents to be submitted by the issuer together with an application for admission of securities to trading on iIM
- signing of the issuer's investment memorandum
Moscow Exchange sets strict criteria for becoming an approved Listing Agents to ensure that investors' rights are protected and minimize the risk of disseminating unreliable data and information.
iIM support services for the issuers
- Special marketing and promotion programs for the innovative issuers during IPO/SPO period
- IR services and tools: presentations to investors, road-show, webinar presentations, Internet and social networks promotions, etc
- Liquidity support: market-makers, IR tools, special disclosure rules, etc
- Information and analytical coverage based on monthly iIM reports