VK Tech to List on Moscow Exchange

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In 2024, IPOs of five IT companies took place: PJSC Diasoft , PJSC Carsharing Russia (Delimobil"), PJSC "IVA" ( IVA technologies ), PJSC " Element ", PJSC "Arenadata Group" (Arenadata).

Nine more companies from other sectors of the economy went public: Kaluga Distillery Crystal, Europlan, Zaimer, MTS Bank, APRI, Promo Med, Vse Instrumenty, Lambumiz, and OZON Pharmaceuticals.

In total, in 2020-2024, in australia telegram addition to those listed above, the following IT companies held IPOs: Cian, Astra Group, Softline, HH.ru, Svetofor Group, Whoosh and Positive Technologies.

Planned but did not conduct an IPO in 2024: " KIFA ",RTK Data Center,SkillBox,Skyengand other companies. In general, VK Tech has plans to go public , as company representatives recently announced when publishing financial statements for the first nine months of 2024.

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VK will hold an initial public offering (IPO) of its subsidiary VK Tech on the Moscow Exchange. Analysts believe that high interest rates are currently preventing many previously planned IPOs and VK Tech's IPO on the Moscow Exchange will take place in the second half of 2025 or the first half of 2026.

According to the report of the Internet Initiatives Development Fund (IIDF) "IPO and PRE-IPO Opportunities in Russia", SKB Kontur, Selectel, Aquarius, Qummy, IEK Group, Mobius Tech, MTS AI and others were considering an IPO.

According to the FRII report, in terms of trading volume and the number of companies that went public, the 2023-2024 period came close to the results of 2020-2021. 19 companies versus 16, respectively, based on the results of the first half of the year alone. A decrease is observed only in terms of the volume of funds raised through IPOs: in 2023, it amounted to 5 billion rubles. "This is significantly lower than the average in 2020-2021, and is due to a change in the investor structure in favor of retail individual investors," FRII analysts explain.

Explaining the reasons why companies' interest in IPOs has increased, Yulia Khandoshko, CEO of the European broker Mind Money (ex. "Zurich"), noted that the high rate actually makes loans inaccessible for most businesses: "For strategic industries, subsidies or government support are possible, but IT companies are unlikely to receive such financing. Therefore, for development and growth in 2025, these companies essentially have only one real path left - an IPO."

However, if in 2023 the Central Bank's key rate increased from 7.5% to 16%, then in 2024 it increased from 16% to 21%. Thus, the increase in the key rate is already becoming a factor in restraining IPOs.

How a high rate affects the valuation of companies before an IPO

Artem Mikhaylin, an analyst at VELES Capital, explained that the valuation of companies at high rates is lower because rates directly affect the WACC value, and therefore the final valuation of the company: "Of course, business owners are interested in selling their stake in the asset as expensively as possible. The company itself is also interested in the highest price to attract the maximum possible amount of funds for its purposes. High rates provoke an outflow of funds from the stock market to other instruments, which leads to a limitation of demand. Low demand reduces the ability of companies to obtain the best price and attract a sufficient amount of funds."