... Finance Expects Two SPOs of State Companies in 2026 and Possible Additional Privatization in 2025 The Ministry of Finance of the Russian Federation has announced that it currently plans to conduct two SPOs involving state-owned companies in 2026. In 2025,... ... for an active offering of shares, an increase in liquidity, and a potential expansion of free-float in the state companies sector. Implications of SPO and Privatization for Valuation Increased Free-Float: expanding the share of publicly traded securities ...

... shares. This is especially important for large IPOs, which require a significant amount of funds raised. 3. Experience in certain sectors Some underwriters specialize in certain industries, such as technology, energy or pharmaceuticals. Companies in these ... ... company's confidence in the success of the placement. Types of Underwriters 1. Investment banks and brokers in Russia Large Russian brokers such as FINAM, BCS and Alfa-Bank often act as underwriters in local markets. These companies have significant ...

... said. He noted that this year, attention is focused on geopolitics, as there is still no clarity about whether contracts for Russian gas supplies via Ukraine will be extended. A decision on this issue is expected soon, as current contracts are set to ... ...," he explained. He also noted that since the summer of 2022, EU countries have been deliberately saving gas in the energy sector, housing, and industry. "In the medium term, the development of new LNG production plants in North America will ...

... markets with several significant events. At the forefront are signals of potential deflation in China's economy and the release of Russian external trade data. This news is complemented by statistical reports from Europe, as well as the ongoing corporate earnings ... ... active recovery in lending to individuals and businesses. Sberbank's results serve as a barometer for the entire Russian banking sector: an acceleration in net profit and loan portfolio growth will indicate a stable economy and consumer demand, while a slowdown ...

... Particularly high activity is observed in the U.S. (which accounts for a lion's share of global investments, notably in the AI sector) and in the Middle East (where startup investment reached ~$2.1 billion in the first half of 2025, a 134% increase year-on-year).... ... Qummy secured 440 million rubles at a valuation of ~2.4 billion rubles). Foreign investors are again allowed to make deals in Russian projects. Although the volumes of venture investments in the region are still modest, they are growing: in the first half ...