Shares in Irkut, the arms manufacturer, rose 11% on Friday as it floated on Moscow's RTS exchange raising $125m (€103m) from an initial public offering. It is the first public listing of an arms maker on the RTS and Russia's largest new issue for two years.

Credit Suisse First Boston and MDM Bank, the Russian bank, which plans to list later this year, were joint bookrunners for the issue.