... Increased Volatility in Initial Trading Days Without support from underwriters, shares may experience increased volatility at the outset of trading. This could deter some investors and lead to significant price fluctuations. Lower Marketing Impact Unlike an IPO, a direct listing does not include a marketing campaign or "roadshow," which may reduce investor interest in the company. Risks for Shareholders The absence of a lock-up period may lead to a sudden increase in share supply in the market if early investors wish to sell their holdings immediately after the listing. This could pressure share prices. Examples of Successful Direct ...

... Risks for investors: Share price decline: After the end of the lock-up, a wave of sales is possible, leading to a fall in the share price. High volatility: Sharp fluctuations can create an unstable situation on the market. Risks for companies: Image risks: Massive sale of shares after the lock-up may look like a decrease in confidence in the company. Loss of support from investors: A sharp price decline can scare off long-term investors. Examples of the use of the lock-up period in the Russian IPO market In the Russian market, lock-up is also an important tool for IPOs of large companies, supporting the share price and stabilizing the market in the first months after entering the stock exchange. Here are some well-known examples: 1. Sovcomflot ...

... demonstrate the company's foresight. It is also telling that current shareholders do not plan to sell their stakes—this is always a positive sign for investors, indicating confidence in the company's future growth. Of course, it is important to consider the risks. Developing production, especially in the context of current economic uncertainty, is always a complex task. The success of the IPO will depend on how effectively Lambumiz can execute its stated plans and maintain the projected growth rates. However, if the company is able to achieve its goals, this project could become one of the brightest stories on the Russian stock market....

... Focus on Quality Growth As of early August 2025, the sentiment in the venture industry remains cautiously optimistic: successful IPOs and large funding rounds lead to hopes that the bottom of the downturn has been passed. However, investors are still selective ... ... cybersecurity instills confidence in further market growth, but funds are now placing greater emphasis on diversification and risk management. If the current momentum persists, further increases in the number of deals can be expected in the second half ...

... Optimism and Quality Growth As of early August 2025, sentiments in the venture industry remain cautiously optimistic. Successful IPOs and large funding rounds suggest that the bottom of the downturn has been passed; however, investors continue to carefully ... ... instills confidence in further industry developments, but venture funds are paying increased attention to diversification and risk management. If the current momentum is maintained, the second half of 2025 could see further growth in the number of deals ...