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- What the IPO needed: most of the companies that went on sale in two years made a loss
What the IPO needed: most of the companies that went on sale in two years made a loss
Over 70% of companies that have gone public over the past two years have gone into negative territory — on average, they have fallen in price by 40%, Izvestia estimates. Among the profitable ones are Promomed and Dom.Russian Federation", "APRI Group", "Lambumiz", "Ozon Pharmaceuticals". Last year, stocks came under pressure due to the high key interest rate, rising yields on deposits and bonds, as well as the appreciation of precious metals. Experts predict that 10-12 placements are expected this year. Is it worth investing in shares of companies after the IPO and how to understand if they are overvalued — in the material of Izvestia.
Which companies have shown IPO revenue
The majority of Russian companies that have gone public over the past two years have brought significant losses to investors, according to calculations by Izvestia. Of the 18 new publicly traded companies, only five were able to increase the value of their shares, while the rest went into negative territory.
On average, shares of organizations that have fallen in price after the IPO have fallen by almost 40% of the offering price, Izvestia estimates. At the same time, the securities of eight issuers lost even more than this level in value.
Among them are alcohol producer Kristall (-67%) and online retailer All Instruments.<url> (-63%), Diasoft IT companies (-62%) and IVA Technologies (-44%), Delimobil carsharing service (-59%), JetLend investment platform (-57%), MTS Bank (-47%), Element Group microelectronics manufacturer (-46.3%). The share price also fell for the microfinance company "Zaymer" (-33%) and the leasing group "Europlan" (-27%).
For other organizations, the decline was much weaker. The securities of developers Bazis and GloraX fell by only 4% and 6%, respectively. The share price of the Arenadata IT company remained almost at the level of the placement price.
The average growth of the five profitable companies was about 24%. The largest figure was shown by Ozon Pharmaceuticals (+46%) and developer APRI Group (+57%), according to data from the Moscow Stock Exchange. Shares of the state-owned company Dom.RF, which went public only on November 20, has already shown a 7% increase, as has packaging manufacturer Lambumiz, which went public at the end of 2024.
In addition, shares of the pharmaceutical company Promomed have formally gone up, but as of January 14 they have increased by only 0.25% of the placement price. At the same time, since the company's IPO in July 2024, the Moscow Exchange index has decreased by 7.5%, explained Ekaterina Kokareva, Director of Investor Relations at Promomed Group. The company's revenue is growing — it also plans to start paying dividends in 2026-2027, which will support the value of its securities.
Izvestia sent inquiries to all the mentioned companies.
Why are shares of IPO companies getting cheaper
In 2025, the stock market was affected by the unstable geopolitical situation, inflation and the tight monetary policy of the Central Bank, said Ilya Nogotkov, First Deputy General Director of the Europlan leasing company.
From October 2024 to March 2025, not a single placement took place - the companies were waiting for an improvement in market conditions, Igor Rastorguev, a leading analyst at AMarkets, recalled. During the same period, the Bank of Russia kept the rate at a record high of 21% per annum. It was only in early June that the regulator made a careful attempt to reduce by 1 percentage point. At the last meeting of the Central Bank in 2025, it set the key value at 16%.
In such conditions, investors preferred guaranteed returns on deposits to risky investments in new securities, the expert explained. According to him, many companies postponed entering the stock exchange in order not to underestimate the business. And the shares of most organizations that have gone public have fallen in price.
In addition, the market has become noticeably more demanding: investors are increasingly assessing the debt burden and the sustainability of real profits, rather than limiting themselves to analyzing revenue growth rates alone, Igor Rastorguev noted. It's really worth paying attention to these indicators to determine if the company is overvalued.
At the same time, the small number of IPOs in 2025 is not only due to the high key rate. The weak dynamics of previous placements played a significant role, said Denis Astafyev, an entrepreneur, fund manager and founder of the SharesPro fintech platform. According to him, because of this, many companies chose not to enter the market at an unfavorable moment and postponed plans to issue shares.
In general, the interest in them at the time of the IPO is understandable: there is always a lot of noise and expectations around such placements, Denis Astafyev noted. However, in practice, it is during the initial period that securities often turn out to be overvalued. Optimistic expectations, active marketing support and high demand from retail investors are already embedded in the quotes, while the company's real financial results have not yet had time to be reflected in the price, the expert explained.
So, in the first months after the IPO, stocks often fluctuate greatly, and for an unprepared investor these are additional risks rather than stable returns, explained Denis Astafyev.
At the same time, buying shares immediately after the IPO is not a bet on a low price, but on volatility and a good moment to enter, said Vladimir Chernov. In 2024, new IPOs averaged 2.5% on the first day and 2.4% per month, but after six months the yield dropped to -25%. This is due to the hype of the starting price, the low free float and the predominance of retail investors, which is why the first trades are often speculative, the expert noted.
What will happen to the stock market in 2026
In 2026, against the background of a reduction in the key rate and the restoration of investor interest, about 10-12 enterprises may enter the market, experts interviewed by Izvestia believe. We are talking about both private business and state-owned companies, for which the issue of shares will be a logical stage of development, said Denis Astafyev from SharesPro.
Currently, there are several measures to support the company to launch an IPO. For example, SMEs can receive compensation of up to 30 million rubles for expenses related to the issue of shares and bonds, including the services of rating agencies, auditors and lawyers, the Finance Ministry explained to Izvestia.
They added: Also, technology companies with revenues of up to 10 billion can recover part of the costs of preparing documents and underwriting services for the listing of shares. The editorial board asked the Moscow Stock Exchange and the St. Petersburg Stock Exchange what support measures are planned to be introduced for an active IPO.
Investors' interest in the stock market will grow, as it is the only asset capable of outstripping inflation, said Natalia Loginova, director of the Moscow Exchange's Department for Dealing with issuers. Some deals planned for 2025 may be implemented this year. In addition, the absence of new uncertainties and the easing of monetary policy will increase the attractiveness of the stock market as a source of capital, she added.
Analysts expect an IPO of Nanosoft and RTK-TSOD IT companies, Binnopharm Group pharmaceutical group, VinLab retail chain, Solar energy company, VIS infrastructure holding and Motorika prosthesis manufacturer. State—owned companies, such as VEB, are also expected to enter the stock exchange.Russian Federation", Russian Railways and Russian Post.
Izvestia contacted the press services of these companies. Binnopharm Group announced that they are ready for an IPO in terms of technology and operations, but the decision remains with the shareholders. The organization is currently looking for other financing options.
Solar Group considers IPO as one of the strategic scenarios for business development. And VIS Group and Nanosoft admit the possibility of going public in 2026, but the dates of transactions will depend on the market and economic situation.
According to the Central Bank's forecast, in 2026 the key rate will drop to 13-15%. If this happens, IPOs will become more attractive, as investors will compare stocks with deposits, said Vladimir Chernov of Freedom Finance Global. He added that one should not expect guaranteed profits from the IPO: even with a record number of transactions, profitability may be negative in six months due to a market correction.
Investors should pay attention to the most reliable and stable issuers who are able to maximize their benefits from market conditions in 2026, Freedom Finance Global explained. Among them, for example, shares of VTB, Sberbank, X-5, Yandex, MTS, Headhunter, Ozon-Pharmaceuticals, Cyana, as well as preferred shares of Transneft and Surgutneftegaz, the expert believes. Of the recent placements, the Dom papers may be of interest.Russian Federation" and "APRI".
In general, many companies that have gone public in recent years are undervalued, concluded Leonid Pavlikov, Managing Director for Equity Capital Markets at Finam. This means that their value may rise in the future, and it makes sense for investors to pay attention to them when assessing risks. Before buying, it is important to consider the prospects for lowering the key interest rate and the likelihood of an improvement in the geopolitical situation in 2026.
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