Subject. The article discusses the specifics of demand for initial public offerings (IPO) formation in modern Russian conditions. Objectives. The study aims to investigate factors of demand for IPO from Russian institutional and public investors. Methods. We estimated regression models with demand from institutional and private investors and the level of oversubscription as dependent variables, considered explanatory factors (capitalization of the issuer and duration of the company, inclusion of shares in the first level of listing, etc.). The sample used was formed on the basis of data on 45 initial public offerings of stocks of Russian companies. Results. The study reveals that the size of IPO undervaluation has a significant positive impact on demand from both institutional and private investors. Among non-price signals, the inclusion of stocks in the first level of listing has a significant stimulating effect on the demand from institutional investors, and the size and age of issuer – on the demand from private investors. Conclusions. To reduce the risks of unqualified investors in conditions of information asymmetry and low average undervaluation of Russian IPOs, we proposed to limit their participation in the IPO to the placement of stocks included in the first and second levels of listing of the Moscow Exchange and placed with the participation of anchor institutional investors that have undertaken to submit applications for at least 10% of the issue volume, as well as the organizer of the placement that received a special license from the Bank of Russia.
Keywords: initial public offering, IPO, demand for shares, oversubscription, information asymmetry
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