IPO В РОССИИ

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__________.. __ _______ _______ () () () : IPO . .. ______________________ () ______________________ ( ) , 2012

.......................................................................................................................................................3 1. IPO: .........................................................................................6 1.1. IPO ........................................................................................6 1.2. IPO ............................................................................................................12 2. IPO ...........................................................................................35 2.1. ........................................35 2.2. , IPO ............................................................50 3. IPO ......................................................................60 3.1. IPO ....................................................................................60 3.2. IPO .............72 ................................................................................................................................................78 .......................................................................................................82 1. - 30 2011 .............................................................................86 2. , IPO, ..............87 3. IPO .........................................................88 4. .......................................89 5. 2007- 2011. .........................................91

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. IPO . IPO 30 . . 2005 252 . . 2010 155,8 . . 2011 1. IPO , , 1970- . IPO . , IPO . . IPO , : , , , . , , , , . , . , , ,1

Bloomberg www.bloomberg.com

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, , . , . , . , . , . , . . , IPO, .. . , , .., IPO. , ,

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1. IPO: 1.1. IPO , - . , . 90- . ( ) , 1996

() - . 2002 "" , 13,3 . . IPO (Initial public offering) , . IPO, , . , .. IPO , . 2011 21 6

, 11,4 . ., IPO 10 5 . .2, . - , IPO. 3 IPO , . IPO 4. primary public offering (PPO). (secondary public offering follow-on) . . , . 2 39 22.04.1996 N 39- , , , . IPO , , , . - .5 IPO , -, . : www.offerings.ru 3 . IPO , , -, 2007 4 Ibbotson, R.G., Sindelar, J. and Ritter, J. (1994) The Markets Problems with the Pricing of Initial Public Offerings, Journal of Applied Corporate Finance 7, pp. 66-74 5 N39- 22.04.1996 . 27.06.20112

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follow-on: , . . , . , , , SPO6 IPO . , , , , , . , . . IPO. , IPO. , IPO, - IPO, PIPO. . IPO, (, ), . , IPO, , , : . IPO 6

. Seasoned equity offering -

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, , . , , -. , PIPO , IPO , , N178- . , , IPO. IPO, , : IPO / (). IPO , , , . , IPO , - , . IPO, , . , , . , . , 9

, IPO. . , , . , , : , .7 , , , , , . , . IPO . , . . , . . , , 7

Ritter, JR Initial Public Offerings in Logue, D, Seward, J (eds.), Warren Gorham & Lamont. Handbook of Modern Finance, Boston and New York: WGL/RIA 1998.

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, IPO. , . , (IPO) , , , - .

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1.2. IPO IPO , . , IPO IPO . , , , . , . IPO 2-4 . , , . IPO , ( 1), , . , , , , , . ,

12

1. IPO

(Due diligence)

( ) -

: www.pwc.com

IPO . , IPO . ,

, . , . . , , . , 13

IPO. , 2011 IPO 2011 . IPO , . , , , 2 3 . IPO . , , , , , , , , . , , ( / , ). , , , , . , , , . 14

MD&A8 , , , , , , . , , , - . , , - , , .9 (), , , . (due diligence), , , , , . . , .8 9

Management discussion and analysis. : IPO. PwC.

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, - , - ( ), , , , , , , , , . , , / . , , . , 10, . , , , . Lock-up agreement, , 180 . ( )

. : , , , , 2011

10

16

/ , . (IR-) , , -, , -. : , . , , . , ( , ), 11. 90% , . , . , . , , , . GDR, . , , , ,

. 11

www.frc.org.uk

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UKLA ( ) : ? : , (. 1), , IPO, , . , : , , . . , IPO, 150 . ., . 1. 10 ( , )

1 2 3 4 5 6 7 8 9 22exchanges.org/

NYSE Euronext (USA) BME NASDAQ OMX

6 (IPOs) 2011, . 22 22 18 14 12 9 8 7 6 0.7

: (World federation of Exchanges) http://www.world-

, , , 18

, . - . , . , , , , , ( LSE). IPO : - . 3-4 6-12 .; 8 18 ; 10 . - , 2 . , IPO 500 000 , 1000 000 .12 - . - / . , , , . , 12

VI IPO 2011

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, . LSE : , ( ) AIM. , FTSE. , 700 000 25% . AIM , . , . , , , . . -, . -, , , , , 144. - , , , , . NYSE , , .20

NYSE IPO , , -, Due Diligence , . , NYSE . , . , . , . , . . . 2 - IRC () , . 2005-2011 . 2.

21

2.

: www.pwc.ru/capital markets

, IPO, . , 3 : 1 RTS/MICEX. - , . , , , . , , . 2 : , , RTS/MICEX GDR ( ) , ADR ( ) NASDAQ. , , ,22

- 25% ( ). , , . IPO - . , , -, . 3 , , , GDR AIM ( ) . . IPO Etalon Group, , , (). LSE GDR13. , -, . GDR . GDR , GDR . GDR , . GDR , , GDR, . GDR, / 1933 . ; 1934 . ; , (SEC): , . Euroclear - .13

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. GDR . GDR : , , , . GDR , -14. , IPO, -. , SEC, , . SEC , IPO 6-8 . SEC , , . . SEC , 144. NASDAQ PORTAL, . S , .14

www.russianipo.com

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, , - . , . . Due Diligence . 2-3 , - . . , , , . , , , , , . . (publicity guidelines), ,

, , . - : , - , , . , . ( ) -. - , , , 25

, . -: , non-deal roadshow, .., , , . , . , 144, , . , (deal roadshow), . , , . , , . . 15, , , . IPO - 70% 30%. 20% . . , , - . , , ,15

IPO: http://www.finam.ru/analysis/conf00001001D8/default.asp

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, IPO. IPO . , ; , , , (-). . , . . . , - . - . , , . , , . , , .