Pre-IPO stagnation in Russia reflects the gap between placements and actual IPOs.

The pre-IPO market in Russia remains weak, writes Kommersant: the volume of placements nearly halved over the past year, and in early 2026 only two companies appeared in the segment. The sector is constrained by a high key interest rate, unfavorable stock market conditions, and high placement costs. At the same time, investors expect a revival driven by several large deals, primarily in IT.

According to KAMA FLOW partner Pavel Okhonin, the current dynamics are largely explained by the format of such placements—in Russia they often take place without a clear timeline for going public and are used more as a way to raise capital. By his estimate, total volume in 2025 amounted to about RUB 2.46 billion, with financing shifting toward more mature companies and the role of private investors increasing.

“It is important to understand that in Russia the term ‘pre-IPO’ is used more broadly than in classical international practice. It is not always a round conducted a few months before a guaranteed listing, but often a marketing label for private placements among retail investors with an uncertain timeline for going public,” says Pavel Okhonin.

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