Russian IPO market: The phenomenon of underpricing

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IPO underpricing is influenced by factors such as technology sector affiliation, and share of intangible assets.
Analysis shows a positive correlation between offer-price revisions and initial returns on Russian IPOs.
The percentage of shares placed into free-float negatively impacts underpricing, particularly post-2022.
Findings highlight the critical role of information-asymmetry in the dynamics of the Russian IPO market.

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This analysis reveals connections between information-asymmetry factors and IPO underpricing in the Russian market.

Segal et al. (2025) studied this question.

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