1. Concept and types of initial public offerings
1.1 IPO: main features and types
1.2 Objectives of the IPO: Russian practice and international experience
2. Current situation in the IPO markets
2.1 Features of IPO on the Moscow Stock Exchange
2.2 IPO-2013, prospects and market trends
Relevance of the research topic.
As part of the most important strategic objectives of the Russian economy - its transition to innovative development , for which the characteristic feature is the presence of a developed financial market, capable of providing the necessary resources innovation and investment activities , particularly urgent research topic concerns the development of the Russian securities market , and in particular - market IPO. After all, access to public accommodations for any of the issuer - is an important step for further development, raising capital , investors , both Russian and Western , forming the public image of the company.
Goals and objectives of the study .
The aim of the course work is in-depth study of specific features of the IPO on the Moscow Stock Exchange. To achieve this goal it is necessary to solve the following problems :
• systematize existing theoretical approaches to understanding the IPO;
• explore the role of IPO as a source of capital in the economy ;
• Analyze target IPO.
Object and subject of study .
The object of research is the process of initial public offerings as one step in the process for issuing securities. The subject of the study are the specific features of the IPO on the Moscow Stock Exchange.
Methodological and theoretical basis .
The basis of the course work is an integrated systems approach to the study of the research object . The study applied the methods of grouping and comparison, the historical method .
Information base course work are mainly scientific works of Russian authors on the functioning of the market IPO, existing laws and regulations , statistics, and publications of the Russian and international organizations.
The structure and content of the course work ...
Exit to the public offering of any of the issuing company - is an important step for the further development, in particular to raise capital, investors, both Russian and Western , forming the public image of the company.
Having considered all kinds of IPO, we can conclude that in Russia there are three approaches to the definition of IPO.
Wides includes all kinds of offers of shares - (DPO, Private Offering, PPO , follow-on and SPO). Narrower includes only initial public offerings, for the first time when the shares are offered to the public placement or treatment - IPO ( PPO), SPO (IPO) and DPO (IPO). A very narrow IPO equates only to situations where the shares are offered for the first time to the public offering - IPO ( PPO) and DPO (IPO).
As you can see, a lot of varieties of IPO, but in order to unify all of their concepts can be described by a single term - IPO, since the majority of them have one thing - distribution of shares among a wide range of investors, which occurs in public through the stock exchange, and the goal pursued by the issuer - the establishment company's market capitalization.
According to the results produced by the analysis of the Prospectus Russian issuers can draw the following conclusions. Targets IPO of Russian companies and the alleged use of funds raised through placement of shares:
? are very brief ;
? they are very formal and vague , do not show the actual use of funds and thus provide complete freedom of action in the management of companies with respect to proceeds from the IPO;
? not allow in the future to see how used the proceeds in the IPO;
? not carry any useful information for potential investors or analysts .
Given this, it is advisable to propose to legislate more stringent requirements for the disclosure of the purpose and intended use of IPO proceeds received, in particular, on an ongoing basis to ensure free and easy online access to documents containing information on the purpose and intended use of IPO proceeds received as well as the cost of these projects , their duration and the economic effect of their implementation...