The Central Bank of Russia published a review of 2025 public share offerings showing that total IPO and SPO proceeds increased to RUB 125.2 billion from RUB 102.1 billion in 2024, even as the number of issuers dropped to nine from 19. Only four issuers accessed the equity market for the first time, financial sector companies were the main participants, and issuance was heavily concentrated in two large companies with estimated capitalisation of RUB 300 billion to RUB 400 billion. The review also points to a change in market composition. For the first time in more than 15 years, a state-owned company carried out a large IPO, whereas the market had previously been led by small-cap and mid-cap IT, technology and pharmaceutical companies. Institutional investors increased their share of total equity purchases to 52% from 48%, with management companies the most active in that group. Retail participation fell sharply, with the number of individual investors 4.5 times lower than a year earlier, although their average trade size rose 3.3 times to more than RUB 300,000. Qualified investors generated 97% of all retail purchases, and individuals continued to favor short-term strategies, mostly selling shares within 30 days of an IPO.
Central Bank of Russia2026-03-26
Central Bank of Russia review shows 2025 public share offerings rose to RUB 125.2 billion while issuer numbers fell
The Central Bank of Russia’s review of 2025 public share offerings shows proceeds rose to RUB 125.2 billion from RUB 102.1 billion, while the number of issuers fell to nine from 19. Issuance was concentrated in two large companies and financial sector names, while institutional investors increased their share of purchases. Retail participation dropped sharply, although average trade size increased and most individual investors sold within 30 days of an IPO.