Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
Moscow, Moscow, Russian Federation
JEL G32 Financing Policy • Financial Risk and Risk Management • Capital and Ownership Structure • Value of Firms • Goodwill
JEL O16 Financial Markets • Saving and Capital Investment • Corporate Finance and Governance
Initial public offerings remain an important but still insufficiently measured channel of stock-market expansion in Russia, especially after the institutional break of 2022 and the shift of investor demand toward domestic capital. The research gap is that Russian studies usually focus on individual deals or short-run price effects, while the contribution of equity issuance to aggregate market-capitalisation growth over a long horizon has been assessed only fragmentarily. This study measures the contribution of IPOs to Russian stock-market capitalisation in 2002–2025 and compares it with secondary and follow-on offerings. The dataset combines Moscow Exchange statistics, Bank of Russia data, and academic sources and covers 108 IPOs and 65 SPO/FPO deals. The annual coefficient is defined as the ratio of offering volume to annual growth in market capitalisation, but the substantive conclusions rely on weighted and robust indicators rather than on a simple arithmetic average, because annual ratios are highly asymmetric and sensitive to years with low or negative capitalisation growth. The results show that total IPO volume corresponds to 10.69% of net market-capitalisation growth over the full period and to 1.95% in growth phases only; the corresponding estimates for SPO/FPO are 6.26% and 0.77%. Median values are 0.27% and 0.00%, indicating that in a typical year issuance plays a limited role relative to market revaluation. The findings are relevant for policies aimed at stimulating public listings and expanding equity finance. Limitations stem from changing disclosure practices and from the fact that market capitalisation reflects not only issuance, but also market revaluation. In the broader BRICS comparative context, this makes it possible to interpret the Russian IPO market not only as a source of capitalisation growth, but also as an indicator of the financial system’s capacity to fund growth firms and technological upgrading.
Russian IPOs, SPO/FPO, market capitalisation growth, Moscow Exchange, weighted issuance contribution, robust indicators, growth firms, equity finance
1. Abramov A. E., Chernova M. I. (2024). IPO akciy rossiyskih kompaniy: teoriya, indikatory, trendy i perspektivy // Finansovyy zhurnal. T. 16. № 6. S. 42—60. https://doi.org/10.31107/2075-1990-2024-6-42-60
2. Astahova D. N., Gerasimova N. V. (2022). Vyhod rossiyskih kompaniy na IPO na primere OZON: faktory uspeha // Nauchnye zapiski molodyh issledovateley. T. 10. № 2. S. 5—13. URL: https://elib.fa.ru/art2022/bv380.pdf
3. Baleva A. A., Psheslavskaya V. A., Perehod S. A. (2024). Moshennichestvo i nedobrosovestnaya praktika na finansovom rynke: osnovnye tendencii 2020—2023 gg. // Finansovye rynki i banki. № 6. S. 360—365. https://elibrary.ru/LZJYDK
4. Bahar' I. V. (2025). Rynok pre-IPO v Rossii: klyuchevye tendencii, drayvery rosta i ogranichivayuschie faktory // Auditorskie vedomosti. № 4. S. 23—30. https://doi.org/10.24412/1727-8058-2025-4-23-30
5. Belyaev V. A. (2021). Ciklichnost' na rynke IPO: istoriya i faktory vozniknoveniya // Finansovaya analitika: problemy i resheniya. T. 14. № 2. S. 190—207. https://doi.org/10.24891/fa.14.2.190
6. Buyanov V., Andrianova L. (2022). Dvadcatiletie rossiyskogo rynka IPO: analiz i prognoz // Obschestvo i ekonomika. № 4. S. 64—81. https://doi.org/10.31857/S020736760019573-9
7. Krinichanskiy K. V. (2025). Teoreticheskie osnovy i problemnye oblasti sovremennoy teorii «dlinnyh deneg» // Finansy: teoriya i praktika. T. 29. № 5. S. 112—125. https://doi.org/10.26794/2587-5671-2025-29-5-112-125
8. Kudryavceva E. A., Shkiotov S. V., Ugryumova M. A. (2021). Analiz makroekonomicheskih faktorov, vliyayuschih na dinamiku fondovogo rynka Rossii // Teoreticheskaya ekonomika. № 11. S. 96—101. https://doi.org/10.52957/22213260_2021_11_96
9. Kulikova E. I. (2023). Rol' chastnyh i institucional'nyh investorov v razvitii rossiyskogo fondovogo rynka // Finansovaya zhizn'. № 2. S. 104—109. URL: https://www.elibrary.ru/item.asp?id=54070031
10. Paliy E. A., Perehod S. A. (2025). Uspeshnye praktiki geymifikacii fondovogo rynka i ih primenimost' v Rossii // Vestnik Omskogo universiteta. Seriya: Ekonomika. T. 23. № 3. S. 25—37. URL: https://economic-journal.omsu.ru/issues/439/13568.php
11. Rubcov B. B., Napol'nov A. V. (2011). Mirovoy i rossiyskiy rynki IPO: analiz tendenciy i perspektiv razvitiya // Strategicheskie resheniya i risk-menedzhment. № 5. S. 60—69. https://doi.org/10.17747/2078-8886-2011-5-60-69
12. Segal' A. E. (2025). Osobennosti rynka IPO v Rossii v «novoy real'nosti» (s 2022 goda) // Nauchnye issledovaniya ekonomicheskogo fakul'teta. Elektronnyy zhurnal. T. 17. № 1. S. 39—59. URL: https://archive.econ.msu.ru/journal/issues/2025/2025.volume_17.issue_1/Segal/
13. Semyashkin E. G., Basaragin D. A., Perehod S. A. (2025). Prognozirovanie rosta kapitalizacii rossiyskogo rynka akciy // Vestnik Tverskogo gosudarstvennogo universiteta. Seriya: Ekonomika i upravlenie. № 3. S. 33—48. https://doi.org/10.26456/2219-1453/2025.3.033-048
14. Smirnov V. V. (2024). Potencial rossiyskogo rynka IPO // Finansy i kredit. T. 30. № 4. S. 830—850. https://doi.org/10.24891/fc.30.4.830
15. Fedorova E. A., Hrustova L. E. (2025). Vliyanie novostey o sankciyah na dinamiku indeksa rossiyskogo fondovogo rynka // Ekonomicheskiy analiz: teoriya i praktika. № 11. S. 158—170. https://doi.org/10.24891/lkiqva
16. Chernikov E. V., Aleshin A. D., Perehod S. A. (2024). «Effekt yanvarya» na fondovom rynke i ocenka ego vliyaniya na indeksy Mosbirzhi // Finansovye rynki i banki. № 8. S. 137—141. https://elibrary.ru/AZGZKK
17. Ichev R. (2023). IPO underpricing from the institutional investor perspective: evidence from emerging markets. Economic Research — Ekonomska Istraživanja, Vol. 36, No. 1, Art. 2179506. https://doi.org/10.1080/1331677X.2023.2179506
18. Jhawar P., Seal J. K. (2023). Political uncertainty and initial public offerings: A literature review. International Journal of Financial Studies, Vol. 11, No. 2, Art. 74. https://doi.org/10.3390/ijfs11020074
19. Ma Y., Li Y., Li Z. (2025). Are investors influenced by the textual information in IPO prospectuses? Examining IPO pricing based on textual information management. International Review of Financial Analysis, Vol. 107, Art. 104608. https://doi.org/10.1016/j.irfa.2025.104608
