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, according to RBC business portal citing a forecast by Expert RA agency. 

As followed by bne IntelliNews, prior to the military invasion of Ukraine the Russian equity market was going through an IPO boom, in part fuelled by the retail investment revolution. But as the barrage of Western sanctions cut Russian issuers off from the global financial markets, the offerings have dropped dramatically.

The market was revived in 2023 and 2024, dominated by IT and tech companies such as Softline, IKS Holding, and Selectel, but tight monetary policy pressured the equity market in 2025.

The IPO market dipped in 2025 with only four deals raising RUB37bn, versus 15 deals worth RUB82bn in 2024. The equity market capitalisation fell to RUB50 trillion or 23% of GDP in 2025 from RUB62.8 trillion in 2021. 

Expert RA cited by RBC believes the key driver for the IPO market in 2026 will be ongoing monetary easing, citing the Central Bank of Russia (CBR) forecast of an average key rate of 13-13.5%.

However, the agency warns that should inflation not slow to 4-5% by end 2026 the key interest rate could remain at 14-15%, “drying up liquidity in the IPO market”.

Other analysts interviewed by RBC were more cautious. BCS World of Investments broker Gusein Rzaev said “20 deals this year will not happen” under current conditions, noting that the key rate of 15.5% remains well above the neutral level of 12%.

BCS analysts also added that geopolitical tensions and weak equity valuations make placements unattractive until 4Q26 or 2027. 

Sinara investment bank analyst Maria Lukina forecasted to RBC 10-15 IPOs with total proceeds of around RUB100bn in 2026, while Finam managing director Leonid Pavlikov said 15-20 transactions could be achieved jointly through IPO and SPO placements.

Market participants also questioned whether institutional investors will return in force to the equity market, as small ticket deals of RUB2bn-5bn are unlikely to attract large funds. 

Alfa Capital’s Eduard Kharin said “Deals of RUB2bn, I am afraid, will not attract institutional investors at all,” adding that many funds require larger allocations to justify coverage costs, suggesting that without bigger issuers the expected boom may remain limited in scale, according to RBC.