Pre-IPO in Russia: successful cases, risks and prospects for entering the public market

Abstract

The article is devoted to the analysis of the Russian pre-IPO market from 2022 to 2025. In the absence of special legal regulation, transactions are structured through a combination of regulations on issuance and investment platforms, making this instrument institutionally immature but promising. Based on three divergent case studies (Samolet Plus, SR Space, Whoosh), the paper compares transaction structuring models, investor behaviour, financial performance dynamics, and the factors behind companies’ success or failure. Special attention is paid to the transition from pre-IPO to a full IPO, the role of reputational capital, and operational sustainability. The author concludes that the results of Russian issuers are heterogeneous, yet share common patterns with international practice, which makes it possible to formulate practical recommendations for companies considering pre-IPO as a stage in preparing for a public offering.