The Moscow Stock Exchange does not expect large IPOs in 2024. According to the head of the site’s supervisory board, Sergei Shvetsov, their number could increase to dozens, but these are small placement amounts.
The exchange representative noted that the gap between the interests of investors and business owners is growing.
“Under current conditions, we are very clear that the IPO portfolio is quite large. The question is the cost of money. The yields on our bonds are quite high and investors want a discount on shares, and joint-stock companies that today want to go public do not want to offer such a discount,” explains Shvetsov, quoted by RBC.
He added that the real economy does not attract enough capital through IPOs and OPPs, so the market “does not play a macroeconomic role in terms of transmitting savings to investments.”
At the same time, according to Shvetsov, there is still interest from not very large organizations. In this sense, the Moscow Stock Exchange expects dozens of small IPOs.
In 2022, only one company placed shares on the Moscow Stock Exchange – kicksharing Whoosh. This year, the IPOs were carried out by the medical center Genetico and the fintech service CarMoney. In addition, the developer of the Russian Astra Linux operating system, Astra Group, has planned an initial public offering on the Moscow Stock Exchange before the end of the year. The company has already announced the price range of the IPO.
But there are also companies that were forced to postpone the start of share trading on the Moscow Stock Exchange. Among them, for example, MTS Bank. The day before, the founder of AFK Sistema, Vladimir Yevtushenkov, said that the credit institution is unlikely to carry out an initial public offering (IPO) in 2024.
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