Russian IPO market: The phenomenon of underpricing

A. E. Segal (), A. A. Galich () and A. G. Mirzoyan ()

Voprosy Ekonomiki, 2025, issue 10

Abstract: We identify the determinants of IPO underpricing among Russian companies, with primary attention to factors grounded in information-asymmetry theory. Using data on 116 real-sector firms over 2000—2024, we estimate a multiple-regression model and find that (i) belonging to the technology sector, (ii) the share of intangible assets, and (iii) the magnitude of the offer-price revision are positively associated with the initial return on Russian IPOs. By contrast, the percentage of shares placed into free-float at the offering is negatively associated with underpricing, and this negative effect becomes stronger after 2022. The results confirm the significant role of information-asymmetry-related factors in shaping underpricing in the Russian IPO market.

Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2025:id:5429

DOI: 10.32609/0042-8736-2025-10-104-130

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