The President signed a decree that defines the conditions for the initial (IPO) and secondary (SPO) public offering of shares of joint-stock companies, in the authorized capital of which the state share is 50 percent or more. This is stated in the Presidential Decree “On measures for the further development of the capital market.”
In particular, the following conditions are set for state-owned enterprises wishing to enter an IPO or SPO:
– the collection of applications for the purchase of shares sold through an IPO or SPO is carried out by an underwriter or a group of underwriters with whom an agreement has been concluded to conduct the specified IPO or SPO;
– the underwriter sets price limits for collecting applications for the purchase of shares based on the results of a preliminary study of the joint stock company;
– distribution of shares through IPO and SPO is carried out on the basis of a single price determined by the underwriter based on supply and demand for shares;
– the underwriter is given the right to choose investors for the distribution of shares on the basis of an agreement concluded with a joint-stock company, as well as to establish a period for prohibiting investors from selling shares acquired as part of an IPO and SPO.
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