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Russian IPO market: The phenomenon of underpricing

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  • A. E. Segal

  • A. A. Galich

  • A. G. Mirzoyan

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.

Suggested Citation

  • A. E. Segal & A. A. Galich & A. G. Mirzoyan, 2025. "Russian IPO market: The phenomenon of underpricing," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 10.
    • Handle: RePEc:nos:voprec:y:2025:id:5429
    DOI: 10.32609/0042-8736-2025-10-104-130
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