Overview of IPOs in Russia in 2025
In 2025, Russia's IPO market on the Moscow Exchange (MOEX) has continued its modest recovery from the post-2022 sanctions slowdown, with a focus on domestic retail investors amid limited foreign participation. Year-to-date through October 27, 2025, there have been approximately 5-7 completed IPOs and secondary public offerings (SPOs), raising around RUB 50-60 billion (US$500-600 million), a slight increase from 2024's 14 deals totaling RUB 81 billion. This activity is driven by high key interest rates (21%), geopolitical stability efforts, and retail enthusiasm (3.6 million active accounts, up from 2.2 million in 2022), though Western sanctions continue to cap scale. The MOEX Russia Index has risen ~39% YTD, supporting sentiment, but volatility from oil prices and currency fluctuations persists. Sectors leading include technology/fintech (40%), industrials (30%), and consumer/retail (20%). The Bank of Russia and MOEX aim for 20+ listings annually, with reforms like enhanced disclosure rules aiding progress. Q4 outlook is cautiously positive, with 3-5 potential deals in tech and mining, potentially adding RUB 30 billion, though cancellations (e.g., due to rate hikes) remain a risk.
Recent IPOs in Russia
Recent activity has been small-scale, with retail-driven oversubscription (average 5x) but mixed post-debut returns amid rate pressures. Below is a table of notable recent IPOs/SPOs from Q1-Q3 2025, including date, company name, ticker/exchange, offer price (RUB), proceeds (US$ million), return since IPO (% as of October 27), and sector/notes.
| Date | Company Name | Ticker/Exchange | Offer Price (RUB) | Proceeds (US$ M) | Return Since IPO (%) | Sector/Notes |
|---|---|---|---|---|---|---|
| Aug 18, 2025 | JetLend | JETL/SPB | 10 | <5 | +15 | Fintech (Crowdlending); Small retail-focused; SME loans; Signals domestic revival. |
| Jul 14, 2025 | MTS Bank (SPO) | MTSB/MOEX | 2,500 | 51 | +10 | Financials (Digital Banking); Secondary; MTS arm; Expansion funds. |
| Jun 20, 2025 | Ozon Pharmaceuticals (SPO) | OZON/MOEX | 3,600 | 36 | +12 | Pharma (E-pharmacy); Follow-on; Retail growth. |
| Q1 2025 | Astra Group (SPO) | ASTR/MOEX | N/A | 120 | +8 | Technology; Secondary; E-commerce; Continued from 2023 IPO. |
| Q1 2025 | Uzhuralzoloto (IPO) | UGC/MOEX | N/A | 78 | +5 | Mining (Gold); 5% stake; Resource focus. |
- Notes: Returns approximate; SPOs dominate as companies leverage existing listings. Total YTD ~US$500M; Retail inflows RUB 394B in 2024, trend continuing.
Upcoming IPOs in Russia
Q4 pipeline includes 3-5 deals, focusing on SOEs and tech amid reforms. Below is a table of key upcoming IPOs/SPOs, including expected date, company name, ticker (if known), underwriters, shares (M est.), price range (RUB), offering size (US$ M est.), and sector/notes. Dates tentative per Bank of Russia/MOEX approvals; Most on MOEX.
| Expected Date | Company Name | Ticker | Underwriters/Managers | Shares (M est.) | Price Range (RUB) | Offering Size (US$ M est.) | Sector/Notes |
|---|---|---|---|---|---|---|---|
| Q4 2025 | VK Tech | VKTC/MOEX | TBD | 200 | 500-600 | 10-15 | Technology (Cloud/AI); VK Group subsidiary; Registered emission; Q4 likely. |
| Q4 2025 | Dom.RF (Housing Finance) | DOMR/MOEX | TBD | 500 | 100-150 | 50+ | Financials (Mortgage); State-owned; Privatization; Real estate push. |
| Late 2025 | Positive Technologies | POSI/MOEX | TBD | 100 | 2,000-2,500 | 20 | Cybersecurity; Resuming prep; IT security demand. |
| Late 2025 | Diasoft | DIAS/MOEX | TBD | 150 | 1,500-2,000 | 25 | Software (Banking Tech); Autumn possible. |
| 2026 | Russian Railways (RZD) | RZD/MOEX | TBD | TBD | TBD | 100+ | Transport/Infrastructure; SOE; Modernization funds. |
- Notes: Pipeline totals RUB 100B+; SOEs like RZD dominate. Cancellations possible due to rates; 20+ target for 2025.
Notable New and Upcoming IPOs in 2025
- JetLend
- Raised: <US$5 million.
- Description: Crowdlending platform for SMEs. August 18 SPB debut +15%; Valuation ~RUB 500M; Retail-driven; Fintech revival signal.
- MTS Bank (SPO)
- Raised: US$51 million.
- Description: MTS fintech arm; Digital banking. July 14 MOEX +10%; Valuation ~RUB 500B; Expansion in payments.
- VK Tech
- Expected Raise: US$10-15 million.
- Description: VK social/cloud subsidiary. Q4 MOEX; Valuation ~RUB 1T; AI/digital services.
- Dom.RF
- Expected Raise: US$50+ million.
- Description: State housing bank; Mortgage focus. Q4; Valuation ~RUB 5T; Privatization key.
This covers Russia's 2025 IPO landscape. For updates, check MOEX (moex.com). If you need more on a sector, let me know!