voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2025-10-104-130voprecotest-5429Research ArticleФИНАНСОВАЯ ЭКОНОМИКАFINANCIAL ECONOMICSРоссийский рынок IPO: феномен недооценкиRussian IPO market: The phenomenon of underpricinghttps://orcid.org/0009-0004-1534-9376СегальА. Е.SegalA. E.

Сегаль Александр Евгеньевич, глава практикикорпоративных финансов на рынках акционерного капитала

Москва

Alexander E. Segal

Moscow

alexandr.segal@gmail.comhttps://orcid.org/0009-0001-1773-6378ГаличА. А.GalichA. A.

Галич Анастасия Александровна, инженер кафедры финансов и кредита экономического факультета МГУ

Москва

Anastasia A. Galich

Moscow

nastyagalich02@mail.ruhttps://orcid.org/0009-0005-9275-0099МирзоянА. Г.MirzoyanA. G.

Мирзоян Ашот Гамлетович, ст. преподаватель кафедры экономики инноваций экономического факультета МГУ

Москва

Ashot G. Mirzoyan

Moscow

kell56@yandex.ruПАО СбербанкSberbank of RussiaМосковский государственный университет имени М.В. ЛомоносоваРоссияLomonosov Moscow State UniversityRussian Federation202510102025010104130Copyright © Voprosy Ekonomiki, NP, 20252025Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/5429

Выявлены факторы недооценки IPO российских компаний. Основное внимание уделяется факторам, связанным с теорией асимметрии информации. Проанализированы данные по 116 компаниям реального сектора российской экономики за период с 2000 по 2024 г. В результате построения модели множественной регрессии выявлено, что факт принадлежности компании к технологическому сектору, доля нематериальных активов и величина пересмотра цены положительно влияют на первоначальную доходность российских IPO. Доля выпускаемых в свободное обращение акций отрицательно влияет на недооценку, при этом после 2022 г. отрицательное влияние доли выпускаемых на рынок акций на недооценку усиливается. Результаты исследования подтверждают значимую роль факторов, связанных с теорией асимметрии информации, в формировании недооценки на российском рынке. 

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. 

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The authors declare that there are no conflicts of interest present.