IPO Underpricing on the Russian Capital Market

Student: Sergei Kondratev

Educational Programme: Corporate Finance (Master)

Final Grade: 8

Year of Graduation: 2024

The paper investigated the topic of stock underpricing on the Russian capital market during initial public offerings in the current realities. In the course of econometric study of initial public offerings in the Russian market for 2006 - 2024 it was proved that such factors as dividend policy, technological specifics of the company and deviation of the actual share offering price from the expected one increase IPO underpricing. Among other things, a positive correlation between the capital raised by the company and the reduction of the Underpricing IPO effect was revealed - large companies have more stable financial indicators, which brings their valuation closer to the real value in the market.

Full text (added May 15, 2024)

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