Jan. 21 (Bloomberg) -- The Moscow Exchange, which runs Russia’s 50-stock Micex and dollar-based RTS indexes, expects its initial public offering to raise more than $500 million, according to a person familiar with the bourse’s plans.

The bourse will sell stock through its own platform in the Russian capital and abroad, although not on the London Stock Exchange, said the person, who asked not to be identified, citing a quiet period before the IPO.

The $500 million is less than an earlier estimate that the sale would raise $1 billion, which would have valued the exchange at about $4 billion, which was given on Jan. 16 by three people familiar with the matter who asked not to be named as the details aren’t public. Those people said the sale may happen as early as February.

Credit Suisse Group AG, JPMorgan Chase & Co., OAO Sberbank and VTB Capital are organizing the IPO, the exchange said today in an e-mailed statement.