Central Bank of Russia proposes implementing minimum IPO amount of 3 bln rubles for 1-2 quotation lists

ST. PETERSBURG. July 6 (Interfax) - The Central Bank of Russia proposes implementing a minimum share placement amount of 3 billion rubles for IPOs on quotation lists, Yekaterina Abasheeva, Director of the Central Bank's Corporate Relations Department, told Interfax.

"We are committed to rendering the IPO market high-quality. Establishing placement limits should facilitate liquidity and market pricing," Abasheeva said on the sidelines of the Bank of Russia Financial Congress.

The Central Bank also plans to implement a differentiated scale for the proportion of shares in free float for inclusion in the first and second quotation lists, depending on the issuer's equity capital to International Financial Reporting Standards. The minimum free float will be 10%, but no less than 3 billion rubles, for companies with capital up to 30 billion rubles. A special formula is proposed for issuers with capital over 30 billion rubles, where capital of 1 trillion rubles would result in a free float of 5% and an offer of 50 billion rubles.

The regulator intends to submit the amendments to listing requirements for public discussion in late July or early August. The requirements are scheduled to enter into effect next year.

The Moscow Exchange has conducted two IPOs this year, with both failing to reach the 3 billion ruble mark. The total offering amount in the IPO of PJSC B2B-RTS , the parent company of a group that includes the operators of two electronic trading platforms and developers of procurement solutions and services, was 2.43 billion rubles, including a stabilization stake. The company's shares were included in the second-level quotation list. Optical cable manufacturer Incab Holding raised 2.04 billion rubles in its IPO. The company's shares were not listed, having been assigned third-level listing.

The Moscow Exchange conducted three IPOs in 2025, namely state-owned DOM.RF at 31.7 billion rubles, the developer Glorax at 2.1 billion rubles, and the IT company Basis at 3 billion rubles. DOM.RF shares were included in the first quotation list, while Basis and Glorax shares were respectively included in the second quotation list.