In 2024, the Moscow Exchange and SPB Exchange in Russia experienced record trading volumes, driven by an IPO boom. The Moscow Exchange reported a 14% increase in turnover, reaching RUB1.49 trillion, while the SPB Exchange saw a 77% increase in trading volume, reaching RUB48.71 billion.
The IPO boom in Russia was fueled by companies seeking to raise capital amid a positive economic outlook. This trend is expected to continue in 2025. The Russian government aims to double the country’s stock market capitalization by 2030, with the stock market currently representing about 25% of GDP.
In 2024, the Moscow Exchange facilitated 13 IPOs and four SPOs, raising a total of RUB87.5 billion. Additionally, the debt market saw 78 new bond issuers, totaling RUB242 billion. Despite the active issuance, the ruble-denominated MOEX index dropped by 7% in 2024.
The SPB Exchange, which specializes in trading domestically listed shares, saw a significant rebound in trading volumes after facing challenges due to international financial sanctions. The exchange expects to end 2024 in profit.
The IPO market in Russia has seen a resurgence, with 14 IPOs floated in 2024, totaling RUB81 billion. The year 2024 is expected to be one of the most successful in terms of primary transactions in Russian market history. Companies are turning to the domestic capital markets to raise investment capital amid favorable economic conditions.
Overall, the stock exchanges in Russia are actively facilitating trading activities, with a focus on supporting companies in raising capital through IPOs and bond issuances. The market outlook remains positive, with expectations of continued growth in trading volumes and capital market activities in the coming years.
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