(MENAFN - AFP) Russia's main stock exchange said that its initial public offering, set to be held in Moscow later this month, will value the company at 4.0-4.6 billion (2.9-3.4 billion euros).The Moscow Exchange -- formed in a 2011 merger of the MICEX and RTS bourses -- set its price range at 55-61 rubles (1.84-2.10 / 1.34-1.54 euros) per share for the February 15 offering.The exchange said in a statement that it hoped to raise more than 500 million from the offering so that it can boost the capitalisation of its clearing subsidiary and improve its IT infrastructure.The authorities hope that a successful IPO will help encourage other companies to list on the Moscow exchange and improve the Russian capital's business climate.The combined MICEX-RTS exchange was valued at 4.5 billion at the time of its merger.The Moscow Exchange has 2.197 billion shares and includes the Central Bank and Russia's largest bank Sberbank as its two main shareholders.Neither intends to part with their 23.4-percent and 10.3-percent respective stakes. The shares will be offered by the MICEX exchange and its main subsidiary.