... the maximum possible volume of shares. Preparing the prospectus. The company, along with its underwriter and legal advisors, prepares a prospectus — a detailed informational memorandum. It discloses information about the company's activities, its financial history (usually for the last three years), plans, and risks. The prospectus is approved by the board of directors and registered with the regulatory authority (in Russia — the Bank of Russia). Road-show and marketing. After the prospectus is published, the company conducts presentations for potential investors ...

... financial statements helps to ensure the reliability of the data provided. The audit includes studying the balance sheet, profit and loss statement, cash flow, and the company's debt. It is important to understand how stable the company's income is and what financial risks may arise after the acquisition. Legal due diligence Here it is important to study all the company's legal documents, including the charter, agreements, licenses, certificates and patents. It is also necessary to check for litigation and possible ...

... Pre-IPO stage, disclosure requirements are minimal. The company may provide information only to select investors and is not obligated to publish full financial reports. During the IPO, the company is required to provide complete information about its financial activities, risks, corporate structure, and other aspects, significantly increasing transparency. Risks for Investors Participation in Pre-IPO comes with higher risks, as the company has not yet completed the public offering process, and information about it may ...

... commitments and may negatively impact the company's short-term profitability. Therefore, for short-term investors, these projects may present certain risks. Risks and Potential Challenges for Investors Investments in space are always linked to high technical, financial, and regulatory risks. Collaboration with Roscosmos will demand substantial resources from Sberbank, which can affect the company’s financial metrics. Given that space projects often take years to develop and implement, the payback of these investments cannot be guaranteed ...

... involves several stages: Pre-investment analysis (due diligence). The investor evaluates the company's business, analyzes its financial indicators, development strategy, and competitive environment. The company and its management provide necessary data (financial reports, plans, contracts) in the form of a confidential information memorandum. At this stage, the main risks and potential returns are identified. Negotiations and agreements. Interested investors discuss the terms of the round: the amount of investment, company valuation, rights of future shareholders, and other parameters. Term sheets and key documents ...