Going Public: Empirical Study of Motives and Efficiency of IPO in CIS

Abstract

The article presents the results of empirical analysis of IPO’s efficiency for companies from Russia and other emerging markets. At first we examine the structure of the issues and the motives for going public. We analyze the interrelations between the motives and the influence of IPO on the operating results of the firms after IPO. In contrast to most empirical papers we find no significant decrease in operating measurers of efficiency after IPOs in Russia and Kazakhstan. Key words: initial public offering, emerging markets, performance.