IPO and SPO market in 2025: trends and results
In 2025, the total amount of public share offerings went up from ₽102.1 billion to ₽125.2 billion. The number of issuers decreased from 19 to 9, with only four of them entering the equity market for the first time. Issuers from the financial sector were key actors in the market.
The bulk of initial and secondary public offerings (IPOs and SPOs) was accounted for by two major companies whose capitalisation is estimated at ₽300 billion–₽400 billion. For the first time in over 15 years, a state-owned company conducted a large IPO. Before, small-cap (less than ₽30 billion) and
Institutional investors slightly built up their investments in shares, with the portion of the latter in the total amount of purchases growing from 48% to 52%. Management companies were the most active participants in this category. Contrastingly, the number of retail investors was 4.5 times lower than in the previous year. That said, their average trade amount rose by a factor of 3.3, exceeding ₽300,000. Demand was primarily coming from qualified investors accounting for 97% of all retail purchases.
Similar to 2024, individuals preferred short-term investment strategies. They mostly sold shares during the first 30 days after an IPO.
More details are available in the review Public Share Offerings: 2025 Results.