Analýza IPO na ruském akciovém trhu

This thesis analyzes initial public offerings (IPOs) on the Russian stock market during the period 2014–2024, with particular emphasis on the period after 2022, when significant changes occurred in the macroeconomic and geopolitical environment. The aim of the thesis is to identify the factors influencing IPO success and to assess whether this instrument remains an effective form of financing for Russian companies under conditions of high interest rates.The theoretical part addresses the definition of IPOs, valuation methods, and the factors affecting issuance outcomes. The practical part focuses on the analysis of the Russian IPO market since 2014 and examines three specific IPOs (Promomed, Sovcombank, Delimobil) that took place in recent years.The research confirms that, as a result of economic restrictions, the Russian market has shifted toward smaller offerings with greater participation of domestic investors. The key success factors proved to be valuation based on multiples, the degree of oversubscription, and the macroeconomic environment. The thesis also provides recommendations for companies considering an IPO in the Russian context and summarizes the limitations related to data availability and the regulatory framework.