The underpricing of initial public offerings of Russian companies

The paper examines the underpricing of initial public offerings of ordinary shares of Russian companies. It is based on the data of 102 IPOs of Russian issuers for 2002-2024. The econometric study using multiple regression models has shown that factors such as the sale of own shares by initial shareholders, high-tech nature of the company's activities, the period of a “hot” market, and the deviation of the actual share placement price from the expected one, increase the underpricing of the IPO. At the same time, it was found that the amount of capital raised, the prestige of the investment bank-underwriter and the auditor have a significant negative effect on IPO underpricing. The results of the study may be useful to investors when making decisions about investing in IPOs, to regulators when developing regulations, and to issuing companies when forming an IPO strategy.

本研究聚焦俄罗斯公司普通股首次公开发行（Initial Public Offerings，IPO）的抑价现象。研究基于2002年至2024年间102家俄罗斯发行主体的IPO数据展开。本研究采用多元回归模型开展计量经济学分析，结果表明：初始股东减持自有股份、公司业务属于高技术领域、新股发行热潮期以及股票实际配售价格与预期价格的偏差，均会推高IPO抑价水平；与此同时，研究发现募集资金规模、承销投资银行的声誉以及审计机构的资质，对IPO抑价具有显著的负向影响。本研究结论可为投资者开展IPO投资决策、监管机构制定监管规则以及发行公司构建IPO战略提供重要参考依据。