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2024
Construction online hypermarket "ВсеИнструменты.ру" went public
On July 5, 2024, ВИ.ру PJSC (ВсеИнструменты.ру brand) carried out the procedure for the initial public offering (IPO) on the Moscow Exchange. The securities are traded under the ticker symbol VSEH (ISIN RU000A108K09). Read more here.
Putin instructed the government to ensure 10 IPOs of IT companies until 2030
The President Russia Vladimir Putin instructed the government to ensure the holding initial public offering () IPO of shares of at least 10 domestic high-tech companies until 2030. This decision is part of a set of measures to develop the Russian stock market and support innovative sectors of the economy. Relevant instructions are given on the Kremlin website in early July 2024.
The order is included in the list of tasks related to the extension of the implementation period of the National Technological Initiative (NTI). The head of state also ordered to provide for the allocation of budgetary allocations for the financing of NTI in the period from 2025 to 2027.
Prime Minister Mikhail Mishustin has been appointed responsible for the execution of the order. The implementation of this task is aimed at stimulating the development of promising technological markets and industries that can become the basis of the global economy in the next 15-20 years.
As part of the support of high-tech companies, the NTI Sovereign Technology Fund (FST NTI) plans to launch three new sub-funds. They will invest in projects in unmanned aviation, artificial intelligence, biotechnology, robotics, micro and radio electronics, wireless technology and aerospace. The total amount of investments will be 18 billion rubles.
Additional support measures are being considered to stimulate companies to enter the IPO. Among them are tax benefits for organizations conducting public offerings, accounting for IPO expenses with an increasing coefficient when determining income tax, as well as benefits for the payment of personal income tax for individuals acquiring shares in such companies during the initial placement.
The President also set the task of doubling the capitalization of the Russian stock market by 2030, bringing it to 66% of GDP.[1]
Chip developer "Element" went public
On May 30, 2024, the Russian developer Element made an initial public offering (IPO) on the St. Petersburg Stock Exchange. Trading in securities began under the ticker symbol ELMT. Read more here.
"Element" began to prepare for IPO
The Element group of companies plans to go public by the end of 2024. This was reported on March 13, 2024 by Vedomosti. Read more here.
Diasoft IPO
On February 13, 2024 To the Moscow exchange , trading in Diasoft shares began (ticker - DIAS). IPO As part of the company, it placed shares at a price of 4500, rubles that is, the upper limit of the previously announced range of 4000-4500 rubles. This allowed the developer ON financial sector to attract 4.14 billion rubles. More. here
Putin instructed to expand the possibilities of issuing securities of IT companies
Russian President Vladimir Putin instructed to expand the possibilities for issuing securities of IT companies. The corresponding order of the head of state was published on the Kremlin website on January 14, 2024.
 | The Government of the Russian Federation, together with the Bank of Russia and the ВЭБ.РФ State Development Corporation [instructed] to take additional measures aimed at expanding the opportunities for placing securities of fast-growing high-tech companies on the exchange market and investment platforms, the text of the order says, the executors of which must submit a corresponding report by May 1, 2024. |  |
Vladimir Putin spoke about the need to simplify the issuance of securities of small high-tech companies at one of the investment forums, which took place in December 2023.
| | Separate solutions are needed for the capital of fast-growing high-tech businesses. Here, as a rule, from assets - only one idea is valuable, new technology and a great desire to implement them, and resources for development, for entering the market, as a rule, are not enough... Including it is necessary to simplify the issuance of securities of small, dynamically growing companies, not only on exchanges, but also on investment platforms, where private investors can become real co-owners of promising startups, the Russian president said then. | |
Earlier, the Ministry of Digital Development of the Russian Federation proposed to allocate 27 billion rubles until 2030 for grants to IT startups and admit them to public procurement. In general, by 2030, the ministry expects to support at least 1,000 startups that will release at least 2,000 new implemented solutions and products.[2]
2023: Putin promised state support to IT companies when going public
Russia Vladimir Putin During the announcement of the message to the Federal Assembly on February 21, 2023, the President announced state support for IT companies when they go public.
| | Separate solutions are needed to raise capital in fast-growing high-tech businesses. For them, support will be provided for the placement of shares in the domestic stock market, including tax breaks, both for companies and for buyers of such shares, - said the head of state (quoted by Interfax). | |
2022: Putin's statement on the need to create a capital raising mechanism for fast-growing IT companies
Vladimir Putin spoke about the need to create a capital raising mechanism for fast-growing IT companies back in July 2022 during a meeting of the Council for Strategic Development and National Projects. Then the president cited Ozon and Yandex as examples, which attracted resources for growth from Western markets. According to him, the Russian financial system was not ready to provide funds to those companies that do not have assets or large profits, but at the same time have a great development prospect.
Finance Minister Anton Siluanov in July 2022 proposed extending benefits for private investors for five years to stimulate investment in securities of high-tech companies. We are talking about exemption from personal income tax when selling shares and bonds of Russian high-tech companies. By February 2023, according to the Tax Code, the 0% rate is applied when selling shares, bonds and investment shares in the high-tech (innovative) sector of the economy, if the investor owned securities for more than a year.
The Bank of Russia, in turn, proposed to increase from 25 to 75 billion rubles the threshold for the market capitalization of issuers to participate in a special "growth sector" of the Moscow Exchange (created to attract funds from small and medium-sized businesses).
The Moscow Exchange has a special sector "innovation and investment market" and "growth sector" (created to attract funds from small and medium-sized businesses), where companies are provided with support measures.[3]
2021: Russia creates advice for IT companies to go public
On June 29, 2021, the Association of Computer and Information Technology Enterprises (APKIT) announced the creation of a special council that will help IT companies go public. The new body was called the Council for Attracting Investments and Entering the Public Market of IT Companies. Read more here.
2017: Central Bank allows pension money to be invested in public IT companies
In February 2017, the Board of Directors of the Bank of Russia (Central Bank) approved a new version of the resolution establishing restrictions on investing pension savings of NPFs, and announced plans to send it to register with the Ministry of Justice[4]. One of the innovations in the document is the opportunity for funds and management companies to invest pension savings in shares of Russian companies admitted to trading in the RII-Prime segment of the Moscow Exchange. The share of such investments in the NPF portfolio will be limited to 5%.
RII (innovation and investment market) is the exchange platform of the Moscow Exchange to attract investments in companies of innovative sectors of the Russian economy, including IT. One of the requirements for companies in the RII-Prime segment is the company's market capitalization of at least 6 billion rubles.
| | The new requirements of the Bank of Russia for investing pension savings funds will contribute to an increase in NPF investments in the real sector of the economy, including high-tech industries, the Central Bank said in a statement. | |
The innovation appeared within the framework of the Central Bank's course to gradually reduce investments in the banking sector: by January 1, 2019, the maximum share of such assets in the investment portfolio of NPFs should decrease from 40 to 30%.
Experts interviewed by TAdviser agree that NPF money may be of interest to Russian IT companies, but not everyone is ready to go public for the sake of attracting these investments.
The Chairman of the Board of Directors of the Group "ATI" Tagir Yapparov of Companies is confident that the possibility of investing part of the funds of NPFs in the shares of technological companies can ensure the inflow of several tens of billions of rubles of investment funds to the RII section of the Moscow Exchange, which will actually open up opportunities IPO for access to Russian IT leaders.
| | Promising issuers on the Moscow Exchange will be those companies that strategically have the main business in Russia. These are, first of all, Russian software manufacturers, IT service companies. In the short term, a unit of such companies will be able to reach the required capitalization of 6 billion, but in the medium term their number will grow, "Yapparov said in a conversation with TAdviser. | |
He added that it was NPF money that played a decisive role in shaping the stock markets of IT companies in countries such as Germany and Poland. For example, about 10% of companies whose shares are listed on the Frankfurt Stock Exchange represent the ICT sector, says Tagir Yapparov. On the Warsaw Stock Exchange there is a special index of ICT companies, which is calculated on the quotes of the 30 largest IT issuers in Poland.
| | One of the problems of the Russian stock market is the impossibility until the very last time of investing NPF money in the shares of second-tier companies, namely, the overwhelming majority of Russian high-tech companies belong to it, says the chairman of the board of directors of AiTi. - Given the fact that the private investment market in our country is small, NPF funds are practically the only "long" money that can work on the stock market of high-tech companies. | |
IBS Chairman of the Board Matsotsky believes that it would be very good if the new requirements of the regulator stimulated the IPO, but so far, the steps are quite small. It would be very good if Russian investors actively worked on the Russian stock market, and not only invested in foreign assets or real estate in Russia, he said.
The ability to attract NPF money will be of interest to IT companies if the funds' money is cheaper than attracting in the banking sector, said Boris Bobrovnikov, general director of CROC. As for the new requirements of the Central Bank, at the moment for players in the system integration market, the attractiveness of such measures is a big question - the level of capitalization has not yet reached the amounts required by the regulator, he says.
| | In addition, among integrators, and among all IT companies, there are not many who are traded on the exchange. The cost of preparing a company and the complexity of this process forces owners to choose - either a successful job in the market, or a game in the exchange. Almost everyone is choosing the current work. And this is not surprising: the IT market is changing very quickly, new technologies appear constantly and can change the structure of the market, the balance of power, the position of players, so many owners and top officials do not seek publicity, because it slows down decision-making, "Bobrovnikov told TAdviser. | |
According to the CEO of Krok, the situation is not only in Russia: the flexibility of the business is incompatible with the adoption of key decisions at the annual meeting of shareholders, when it is necessary to gather minority shareholders. There is no need to go far for examples, says Boris Bobrovnikov: last year, Michael Dell bought all Dell shares from the market in order to merge Dell with EMS and enter a new round of struggle for leading positions in the global IT market.
| | The possibility of attracting is accompanied, first of all, by the requirement to bring the IT company to the Russian stock exchange. This project is time-consuming and resource-intensive. At the same time, we are talking not only about one-time expenses, but also about constant expenses associated with maintaining the status of a public company and ensuring compliance with the requirements of the exchange, - said Abbyy Russia CEO Yuri Koryukin. - In addition, there are not many IT companies that will reach the capitalization of 6 billion rubles. | |
Koryukin added that the opportunity to attract cheap and long money from NPFs is, of course, interesting, but the real cost and timing of financing is not clear in this matter. In addition, it should be borne in mind that IT companies, with a high degree of probability, do not have collateral for borrowed funds, therefore, the standard format of the funds raised should be "to replenish working capital," and not for project financing, he believes.
Elena Volotovskaya, Vice President for Investments of Softline Group of Companies, believes that the opportunity to attract NPF funds to equity capital will be of interest to Russian IT companies, since it is such long-term financing that allows implementing large-scale infrastructure projects and software development. At the same time, the capacity of this market alone and risk limits on the Russian IT sector may not be enough to stimulate an IPO.
| | I think that NPF funds can be a good help for those who have already entered the stock exchange or planned to do so regardless of the mentioned legislative initiative, "Volotovskaya said in a conversation with TAdviser. | |
2016
ATI IPO plans
In September 2016, Tagir Yapparov, chairman of the board of directors of ATI Group of Companies, told TAdviser that the company expects to conduct an IPO on the Russian stock exchange in three years. ATI plans to launch a set of businesses related to software production, testing and custom software development services.
IBS thinks about IPO
The IBS group is preparing to enter the Russian exchange, a source familiar with the group's shareholders told TAdviser in September 2016. According to him, the owners have already decided to hold an IPO. IBS itself confirmed to TAdviser that the IPO on the Russian stock exchange is one of the potential scenarios for the company's development, but, according to the deputy general director for IBS strategy Yevgeny Peskin, a final decision has not yet been made.
2013: Luxoft IPO on Nasdaq valued at $555m
In June 2013, Luxoft held an IPO on the Nasdaq stock exchange and raised $70 million for the sale of 4.1 million shares. The starting price of the shares was $17 apiece (traded in the corridor of $16-18) with an estimated value of the company of $555 million.
2011: Yandex IPO on Nasdaq valued at $8 billion
In May 2011, Yandex successfully floated shares on Nasdaq. The company raised its previously announced share price from $22 to $25 and raised $1.3 billion. The placement of the Russian company was the largest Internet IPO after Google. Yandex was valued at more than $8 billion, and its founder Arkady Volozh earned $101 million.
2010: IPO Mail.ru на LSE
In November 2010, Mail.Ru Group placed global depositary receipts on the London Stock Exchange. The pre-subscription for the company's securities exceeded the offer by 20 times and they were bought out at the upper limit of the declared price range - at $27.7 per receipt.
2008: 1C IPO plans
In 2009 «1C» , it announced that it would develop as a large holding, attract investments, thereby increasing its production assets and further enter into. IPO As a preliminary date for entering the stock exchange, 2014 was named. Later, the director of 1C Boris Nuraliev said that it was possible to enter the stock market no earlier than 2015.
2007
IPO of Armada on MICEX
In September 2007, Armada placed its shares on the stock market. 2 million ordinary shares of the additional issue, which make up 16.7% of the authorized capital of Armada, were proposed for placement. According to Aton-Broker, which was an authorized seller of the issuer, 20% (400 thousand) of these shares were placed in the sector of innovative and growing companies (CRFs) of the Moscow Interbank Currency Exchange (MICEX), and 80% - in the RTS Start segment (for small and medium capitalization companies) of the Russian Trading System (RTS).
IPO "Sitronics" on LSE, RTS and MICEX with an estimate of $2.3 billion
In February 2007, the initial placement of Sitronics shares was made. The offering took place on the London Stock Exchange (GDR), on the RTS Stock Exchange and the Moscow Stock Exchange (ordinary shares). It was planned to place up to 20% of the shares when valuing capitalization from about $2.5 billion to $3 billion, which would amount to $500-550 million. During the IPO, $356.5 million was raised. The company's capitalization following the IPO amounted to about $2.3 billion.
Notes
- ↑ Putin instructed to ensure an IPO of at least 10 Russian companies
- ↑ List of instructions following the results of the 14th investment forum VTB "Russia is calling!"
- ↑ Placement of securities of fast-growing IT businesses on the stock exchange is encouraged by tax breaks
- ↑ Pension savings: new requirements of the regulator
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