Features of russian IPO market in the “new reality” (since 2022)
https://doi.org/10.38050/2078-3809-2025-17-1-39-59
Abstract
Since February 2022, the Russian stock market has been almost completely cut off from international investors (the so-called "new reality") amid sanctions pressure, and, accordingly, the initial public offering (IPO) process for domestic issuers has also undergone significant changes. At the same time, IPOs as a tool have become more accessible to domestic companies and have also gained more popularity among retail investors (after rising activity in 2H2020-21), who have become a new driving force in the stock market. The Russian IPO market of the "new reality" is gradually forming its own characteristics (IPO size, transaction pricing, demand structure, etc.), and its methodological study may have significant practical significance. The purpose of the study is to identify the key features of the Russian IPO market of the "new reality". As part of state initiatives to double the capitalization of the stock market, the Government has been instructed to take additional measures to support IPOs of Russian companies, which confirms the relevance of this study. The findings may be useful for new issuers planning an IPO, as well as for the scientific community studying the problems of the Russian equity capital market.
About the Author
A. E. Segal
Lomonosov Moscow State University
Russian Federation
Russian Federation
Alexander E. Segal, Masters in Economics, Applicant, Faculty of Economics
Moscow
References
1. Aksenchik A.V., Kopaneva A.S. IPO kak sposob povysheniya investitsionnoy privlekatel'nosti kompanii. Finansy i uchet. 2019. No. 10. P. 5–14 (In Russ.).
2. Bukhtiyarova K.N. Analiz rynka IPO rossiyskikh kompaniy. Shag v nauku. 2019. No. 3. P. 67–70 (In Russ.).
3. Gvardin S.V. IPO: strategiya, perspektivy i opyt rossiyskikh kompaniy. М.: Vershina, 2007. 259 p. (In Russ.).
4. Isachenko T.M., Revenko L.S. Novaya paradigma razvitiya mezhdunarodnykh ekonomicheskikh otnosheniy: vyzovy i perspektivy dlya Rossii. M.: MGIMO, 2022. 403 p. (In Russ.).
5. Mal'kov A.V. IPO i SPO. Strukturirovanie i tsenoobrazovanie. M.: Mann, Ivanov i Ferber, 2020. 200 p. (In Russ.).
6. Mogin A.E., Lukashov A.V. IPO ot I do O: Posobie dlya finansovykh direktorov i investitsionnykh analitikov. M.: Al'pina Biznes Buks, 2008. 361 p. (In Russ.).
7. Penzin K.V. Na puti k rossiyskim IPO. Den'gi i kredit. 2005. P. 51–61 (In Russ.).
8. Platonova I.N., Maksakova M.A. Global'nye ekonomicheskie trendy i pozitsiya Rossii. M.: Izdatel'skiy dom «Nauchnaya biblioteka», 2022. 266 p. (In Russ.).
9. Ul'yanitskaya A.I. IPO kak faktor privlecheniya kapitala i povysheniya stoimosti biznesa (analiz, effektivnost', otsenka vliyaniya na stoimost' kompanii). Mezhdunarodnyy nauchnyy zhurnal. 2021. No. 12 (45). P. 66–74 (In Russ.).
10. Khobotova S.N., Slotina N.V. Pervichnoe publichnoe razmeshchenie (IPO) kak sposob privlecheniya investitsiy v usloviyakh makroekonomicheskoy nestabil'nosti. Vestnik Omskogo universiteta. 2022. No. 4. P. 36–47. DOI: 10.24147/1812–3988.2022.20(4).36–47 (In Russ.).
11. Acedo-Ramírez M.Á., Díaz-Mendoza A.S., Ruiz-Cabestre F.J. IPO underpricing in the second and main markets: The case of the London Stock Exchange. International Finance. 2019. No. 22 (1). P. 103–117. DOI: 10.1111/infi.12137.
12. Aggarwal R., Prabhala N., Puri M. Institutional Allocation in Initial Public Offerings: Empirical Evidence. 2002. Available at SSRN: Available at: https://ssrn.com/abstract=292106 (accessed: 02.10.2024).
13. Alti A. IPO Market Timing. The Review of Finansial Studies. 2005. Vol. 18 (3). P. 1105– 1138.
14. Batnini F., Hammami M. IPO waves: How market performances influence the market timing of IPO? The Journal of Applied Business Research. 2015. Vol. 35. No. 5. P. 320–344.
15. Brealey R.A., Myers S.C., Allen F. Brealey, Myers, and Allen on real options. Journal of Applied Corporate Finance. 2008. No. 20 (4). P. 58–71.
16. Dicle M., Levendis J. IPO activity and market volatility. Journal of Entrepreneurship and Public Policy. 2018. No. 7 (1). P. 2–13. DOI: 10.1108/JEPP-D17–00017.
17. Du D., Zhao X. Financial investor sentiment and the boom/bust in oil prices during 2003– 2008 // Review of Quantitative Finance and Accounting. 2017. No. 48 (2). P. 331–361. DOI: 10.1007/s11156–016–0553–5.
18. Fama E. Efficient capital markets. Journal of Finance. 1970. No. 25. P. 383–417.
19. Greenwood R., Shleifer A. Expectations of returns and expected returns. The Review of Financial Studies. 2014. No. 27 (3). P. 714–746. DOI: 10.1093/rfs/hht082.
20. Helwege J., Liang N. Initial public offerings in hot and cold markets. Journal of Financial and Quantitate Analysis. 2004. No. 39 (3). P. 541–569. DOI: 10.1017/S0022109000004026.
21. Ibbotson R. G. Price performance of common stock new issues. Journal of Financial Economics. 1975. No. 3. P. 235–272.
22. Jung K., Kim Y.-C., Stulz R. Timing, investment opportunities, managerial discretion, and the security issue decision. Journal of Financial Economics. 1996. No. 42 (2). P. 159–186.
23. Ljungqvist A., Nanda V., Singh R. Hot markets, investor sentiment, and IPO pricing. Journal of Business. 2006. No. 79. P. 1667–1703.
24. Logue D.E. On the pricing of unseasoned equity issues: 1965–1969. Journal of Financial and Quantitative Analysis. 1973. No. 8 (1). P. 91–103.
25. Markowitz H. Portfolio Selection. Journal of Finance. 1952. Vol. 7. P. 77–91.
26. Santos A. IPO Market Timing with Uncertain Aftermarket Retail Demand. 2016. DOI: 10.2139/ssrn.2851865.
27. Sharpe W. Capital Asset Prices. A Theory of Market Equilibrium under Conditions of Risk. The Journal of Finance. 1964. Vol. 19. No. 3. P. 425–442.
28. Stoll H.R., Curley A.J. Small business and the new issues market for equities. Journal of Financial and Quantitative Analysis. 1970. No. 5 (3). P. 309–322.
Review
For citations:
Segal A.E. Features of russian IPO market in the “new reality” (since 2022). Scientific Research of Faculty of Economics. Electronic Journal. 2025;17(1):39-59. (In Russ.) https://doi.org/10.38050/2078-3809-2025-17-1-39-59
Views:
38
Email this article 