Pre-IPO and IPO readiness
The path to capital - step by step, not a leap onto the exchange
For owners of companies with revenue of 1 to 5 billion roubles. We look at which step you are on and which next step makes sense: LLC, JSC, bonds, pre-IPO or IPO.
60 minutes, free of charge. The review is led by Sergey Ureskul.
01 / The market, honestly
The exchange is not the first step
Before talking about preparation, let us look at the market as it is. Figures are from public sources, links alongside.
The IPO market is narrow
There were 4 IPOs in 2025. In 2026 placements are also few, some companies postponed theirs, and analysts call the year practically lost for the IPO market.
An IPO sells a stake, not the company
Only a minority of shares goes to the market; control usually stays with the founders. For companies that listed in 2023-2024, the median free float is about 10%.
Price growth is not guaranteed
Only 7 of the 19 companies that held an IPO in 2024-2025 traded above the offering price by the end of 2025. The Bank of Russia names inflated valuations as one of the reasons.
That is why we do not sell an "IPO tomorrow". We prepare the company so that the work makes sense at every step: a transparent structure, clear reporting and corporate governance matter for bonds, for a private investor and for selling a stake to a strategic buyer alike.
02 / The path
Five steps from LLC to the exchange
Not every company needs all five. During the review we decide where to start and where it is sensible to stop.
LLC: order in the structure
Who owns what, how the group is built, where assets and profit sit. Reporting you can show to an outsider. Nothing moves forward without this.
JSC: shares instead of stakes
Conversion into a non-public joint-stock company: charter, shareholder register, shareholders' agreement, board of directors. A stake becomes shares that can be transferred, pledged or partly sold.
Bonds: the first public story
Borrowing from investors without collateral and without selling equity. The company learns to disclose information and meet obligations to the market. Of 17 companies that listed in 2023-2024, 15 had issued bonds before.
Pre-IPO: a private round
Selling part of the shares to a limited group of investors before listing. A test of how the market values the company and preparation of the shareholder base.
IPO: public offering
Listing on the exchange and selling part of the shares to a wide range of investors. The exchange, the arranger and the auditor work here; our part is the legal preparation of the company and its owner.
03 / The regulators' view
Letter of the Bank of Russia and the Ministry of Finance of 15.04.2026
The Bank of Russia and the Russian Ministry of Finance issued information letter No. IN-01-28/14/05-08-05/3/388 on recommendations for preparing an initial public offering of joint-stock companies with state participation. The regulators advise starting IPO preparation early and in stages - beginning with an analysis of how far the company already meets the requirements for a public company, including the transparency of its organisational structure.
The letter is addressed to companies with state participation. It is not binding on private business, but it shows how the regulators see good preparation. We use it as a reference point.
04 / Owners' concerns
What owners ask in the first conversation
05 / Who does the work
Sergey Ureskul and the IKU team
Lead consultant
Sergey Ureskul
Corporate lawyer since 2008, President of the National Association of Corporate Lawyers (NAKYuR). Focus: joint-stock company law, corporate governance, shareholder rights.
- Registered share issues worth 14.6 billion roubles
- Placed bonds worth 800 million roubles
- Personally leads the review and is responsible for the outcome
Institute of Corporate Governance
The IKU team
Corporate lawyers who handle conversion into a JSC, share and bond issues, corporate documents and disclosure. They work under a subcontract.
The client signs the preparation agreement with sole proprietor Sergey Vladislavovich Ureskul. The IKU team takes part under a subcontract with him.
The experience above is in securities issuance: registration of share and bond issues. We do not name specific client projects.
06 / The review
What happens at the free review
Request
Leave your contact and a few words about the company. We get in touch to agree on a time.
60 minutes with Sergey
We discuss the ownership structure, reporting, debt and the owner's goals. Online or in person.
A map of the next step
You leave knowing which step the company is on, where the gaps are and which step is sensible first.
An agreement - if both sides are interested
If you decide to go further, we prepare an agreement on preparation. If not, the gap map stays with you.
Book a free review
60 minutes with Sergey Ureskul. Please do not include commercially confidential information in your request.