The Central Bank of Russia published its first information and analytical review of the IPO market, reporting that 2024 saw the highest number of public offerings in a decade. Shares of 19 issuers were offered on the stock market, including 15 initial public offerings, raising more than RUB 102 billion, although this was below 2023 levels. Most offerings were completed in the first half of 2024 amid rising equity prices and elevated retail demand. The market was dominated by small-cap (less than RUB 30 billion) and mid-cap (RUB 30 billion to RUB 100 billion) issuers, mainly in IT, digital technologies, the sharing economy and pharmaceuticals. Retail and institutional investors accounted for almost equal shares of funds raised at 40% and 48% respectively, but retail investors were identified as the key driver of offering dynamics; the review also notes that demand from a substantial portion of participants tended to decline in the first 30 days after listing, consistent with short-term investment strategies amid external uncertainty. The Central Bank of Russia plans to publish the review annually.
Central Bank of Russia 2025-04-07
Central Bank of Russia publishes first review of the 2024 IPO market as public offerings hit a 10-year high
The Central Bank of Russia's inaugural IPO market review noted a decade-high number of public offerings in 2024, with 19 issuers raising over RUB 102 billion. The market was driven by small- and mid-cap issuers in IT, digital technologies, the sharing economy, and pharmaceuticals, with retail investors playing a significant role. The review highlighted a decline in demand from many participants within 30 days post-listing, aligning with short-term investment strategies amid external uncertainties.