ВЫЯВЛЕНИЕ ПРИЧИН НЕДООЦЕНКИ РОССИЙСКИХ КОМПАНИЙ ПРИ ПЕРВИЧНОМ РАЗМЕЩЕНИИ АКЦИЙ

Вестник Московского университета. Серия 6: Экономика. 2021. № 21(3). С. 240–270.

Nazarova V., Анисина Д. В.

An initial public offer (IPO) involves new financial opportunities for the issuing company such as: gaining access to capital markets, expanding the investor base, increasing the company's market value. In most primary placements, there is an underestimation of companies entering the market, which may be due to the influence of both external and internal factors. The purpose of the study is to identify factors that affect the initial underestimation of Russian companies during IPOs on internal and external sites. The novelty of the study lies in a comprehensive analysis of the factors influencing the underestimation of high-tech companies' shares in the initial public offering. Along with the previously studied factors (market conditions, the volatility of the price range of shares relative to the average value, the return on assets of the issuer's company for the year preceding the IPO), the study is supplemented by such factors as the choice of whether the share offering market belongs to Russian or foreign platforms, the impact the choice of several sites for placement, the prestige and reputation of the underwriter, the affiliation of companies to high-tech industries. In this study, the prestige of an underwriter will be determined by belonging to the Big Four, which may be an additional factor in the prospects and success of entering the stock market.

According to the results of the study, it was determined that the underestimation of Russian companies when placing on the domestic market is influenced by factors such as belonging to a high-tech industry and an indicator characterizing the state of the stock market. At the same time, when conducting an IPO on foreign stock markets, industry affiliation and placement price are significant factors. The underwriter's prestige, placement on several sites, return on assets and the width of the price range were not significant according to the results of the study.

Keywords: российский фондовый рынок, недооценка акций при вторичном размещении