Translation. Region: Russian Federation –
Source: Central Bank of Russia
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The volume of public stock offerings in 2025 increased from 102.1 billion to 125.2 billion rubles. The number of issuers decreased from 19 to 9, of which only 4 companies entered the equity capital market for the first time. The main players were issuers from the financial sector.
The lion's share of initial public offerings (IPOs) and secondary public offerings (SPOs) was accounted for by two large companies with market capitalizations estimated between 300 billion and 400 billion rubles. For the first time in over 15 years, a major IPO of a company with state participation took place. Previously, small-cap (up to 30 billion rubles) and mid-cap (from 30 billion to 100 billion rubles) companies from the IT, digital technology, and pharmaceutical industries predominated.
Institutional investors increased their equity investments slightly, rising their share of total purchases from 48% to 52%. Management companies demonstrated the greatest activity. The number of retail investors, on the other hand, decreased by 4.5 times compared to the previous year. However, their average transaction size increased 3.3 times, exceeding 300,000 rubles. Qualified investors accounted for the majority of demand, accounting for 97% of all retail purchases.
As in 2024, citizens more often pursued a short-term investment strategy. They sold shares more frequently within the first 30 days after an initial public offering.
Read more in the review Public Offerings and Share Offerings: 2025 Results.
Preview photo: Jakub Zerdzicki / Shutterstock / Fotodom
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