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Initial public offering of shares of Russian venture capital companies


Karpenko O.A.
(about the author)

Karpenko Oksana Alekseevna – (RUDN University)

Published in:
Russian Journal of Innovation Economics
– Volume 7, Number 4 (October-December 2017)

JEL classification: G31, G32, G35

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


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


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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.







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