Legals aspects of IPOs in Russia

Prepared by the legal company DLA Piper

An initial public offering (IPO) includes the following key stages: obtaining public status; offering and distributing shares among a wide range of investors; and obtaining the listing and commencement of public trading of shares on a stock exchange.  The modern IPO is not just about selling shares to raise money from investors.  In exchange for the investors' money, the issuers as public companies are supposed to disclose financial results and all other information which is material to an investor's decision to invest or which is necessary to prevent disclosures from being misleading or deceptive.  Although some of the disclosure principles are not currently legally binding in Russia, investors expect issuers to comply with generally accepted standards and reward those which meet their expectations.

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