Russia’s electronic trading platform B2B RTS, part of Sovcombank Group, set its 2026 IPO price range at RUB112–RUB118 per share, implying a market capitalisation of RUB20bn–RUB21.1bn ($217mn–$229mn), well below market expectations of RUB35bn–RUB45bn, according to Kommersant daily citing market participants and company disclosures.

As followed by IntelliNews, the IPO of Russia’s largest electronic procurement platform B2B RTS is in focus as the first initial public offering of 2026.

Up to 20 Russian companies may carry out IPOs in 2026 with total proceeds of RUB50bn-100bn ($550mn-1.1bn), a five-fold increase in deal count as compared to 2025.

B2B RTS offering includes existing shares equal to 11.5% of capital, including a stabilisation option, for total proceeds of RUB2.3bn–RUB2.4bn ($25mn–$26mn). 

According to Kommersant, three of five large equity portfolio managers surveyed were unwilling to participate, citing poor market conditions and limited deal size. One investor said offerings of at least RUB10bn ($109mn) are more attractive for large portfolios because of liquidity considerations.

Analysts surveyed by the daily still believe the valuation discount could still generate selective institutional interest, arguing that a roughly 40% discount suggests the company wants to reach a very broad investor base.

The announced valuation of the company would trade on an EV/EBITDA multiple of 5.4x–5.7x, compared with multiples of tech peers of 7.7x for HeadHunter (HEAD) and almost 16 for Cian (CIAN).

B2B RTS reported 2025 IFRS revenue of RUB8bn ($87mn), up 11% year-on-year (y/y), while net profit rose 6% y/y to RUB3.7bn ($40mn). Sovcombank previously confirmed that shares sold in the IPO will come from the bank and financial investors.