Survey respondents pointed to weak stock performance following the IPO, the lack of dividends among many issuers, and a lack of information on how companies plan to use the funds raised. This was reported by Investing.com.
“On average, looking at the big picture, I don’t regret it—I believe I did everything right—but based on the results, of course, if I could go back, I wouldn’t have participated in a single initial public offering,” the Central Bank quoted one respondent as saying.
Some investors reported that they prefer to sell shares immediately after trading begins, as they do not expect their value to rise further. Others noted that they viewed participation in an IPO as a long-term investment, but the drop in prices after the offering forced them to reconsider that strategy.
The survey was conducted among 27 non-professional investors aged 29 to 66. The participants’ average investment experience was 6.5 years. The survey was published amid a decline in retail investor activity in the primary market.
According to the Bank of Russia, the volume of IPOs in 2025 grew by 22% and reached 125.2 billion rubles ($1.7 billion). At the same time, the number of retail investors participating in transactions fell by a factor of 4.5 to 74,000 people.
The average number of participants per IPO fell to 15,800 people, compared to 45,000 a year earlier. The share of retail investors in IPO and SPO transactions decreased to 36% from 40% in 2024.
Broker data also confirms investors’ skepticism toward initial public offerings. According to a study by Alor Broker, the strategy of holding shares in Russian companies long-term after an IPO has resulted in an average loss of 16% over the past 11 years. The return on short-term trades during the first week of trading averaged 5.8%.
The Bank of Russia had previously stated the need for additional regulation of the IPO market.
