Abstract
To expand the client base as well as to develop a company, the Russian and foreign companies use share financing. The Initial Public Offering – IPO – offers the exciting possibilities for the stock market and moves a company to the new level of development. Thus, the IPO becomes the most popular way to increase the financial opportunities of the companies, as well as mainstreams the study of the IPO efficiency. The paper analyzes the Russian IPO market in the period from 1996 to 2017 and constructs the diagram of changes in the volume of funds attracted and the rate of growth in this period. According to the diagram, the author determined the time periods for the IPO market formation, its active growth, and the decrease in its volume (presumably due to the 2008 crisis). The diagram of funds attracted by the Russian companies through the different stock exchanges is drawn up. The study identified the simultaneous issue of stocks by the Russian stock exchanges and London Stock Exchange – the double listing, which is caused by the greater liquidity, availability and the interest of potential investors. The author identified the tendency of the initial underestimation of the Russian companies’ stocks what is indicated by the closing prices of the first trading day, which are higher than the initial placement, and is confirmed within 80 % of the studied placements in the period from 2006 to 2016. Thus, to increase the investment attractiveness of the Russian companies, it is necessary to improve the IPO procedure at the stages of preparation and implementation. Increasing the transparency of data about the companies planning the IPO will reduce the stocks underestimation.