Initial public offering of shares of Russian venture capital companies

Karpenko O.A.1
1 Российский университет дружбы народов

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Journal paper

Russian Journal of Innovation Economics (РИНЦ, ВАК)
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Volume 7, Number 4 (October-December 2017)

Citation:

Karpenko, O. A. (2017). Initial public offering of shares of Russian venture capital companies. Russian Journal of Innovation Economics, 7(4), 391-406. https://doi.org/10.18334/vinec.7.4.38324

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=32311421
Cited: 3 by 26.03.2022

Abstract:
Venture capital companies are increasingly choosing the initial public offering (IPO) as a way out of investment. In recent years, five Russian venture capital companies have successfully entered the IPO. However, most companies that go through the initial public offering suffer from a lack of appreciation of the shares and decrease in the yield of shares on the first day of placement. The author's study confirms the hypothesis of the high efficiency of IPO venture capital companies. These results confirm the prevailing view that IPO venture capital companies are also less risky than non -venture capital companies.

Keywords: initial public offering, venture capital companies, non-venture capital companies, undervaluation of IPO, adopted market income for venture capital companies

JEL-classification: G32, G31, G35

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