Current state and dynamics of public placements of shares of Ukrainian companies in international capital markets

Zakharii Stepanovych Varnalii, Roman Oleksiiovych Anzin


It has been carried out the analysis of perspective, dynamics and state of the market of the initial public offerings by companies of Ukraine from 2005 to 2014. The main reasons for slowing down of the process of entering the international capital markets in recent years are determined.

Introduction. Today in a severe financial, economic and political situation in Ukraine for the management of the company it raises the important and urgent question of finding new sources of funding. In a situation where the company has not enough volume of financial resources that it can engage in the banking sector. Management of the company meets the question of raising funds of investors through initial public offerings. Globalization has opened an easy way to loan capital in the form of foreign investor.

Purpose of the article is to study the dynamics of initial public companies of Ukraine in the international capital markets, to analyze the specificity and barriers to enter the stock markets of Warsaw, London, Frankfurt and other financial centers and to identify the advantages and disadvantages of IPO.

Methodology. The study used factor analysis to determine the factors that hinder the process of entrance of Ukrainian companies the international capital markets. Also, along with the comparative method it has been used the graphical method in order to display financial indicators, state and dynamics of placements of shares by  domestic companies in international capital markets and an understanding of regularities, trends.

Results. In the article the initial public share placement as one of the most effective ways to attract significant financial resources. It has been also studied the process of entrance of Ukrainian companies the international capital markets. The advantages and disadvantages of shares placing on the main stock exchanges of Europe have been outlined. It has been determined that for the effective development of the IPOs in Ukraine it is important to establish a stable and predictable business and government relations, legal basis for the protection of property rights and an effective infrastructure of the stock market of Ukraine.

It has been analyzed the market of initial public offerings of companies of Ukraine on international capital markets in the period from 2005 to 2014. The main stages and link number of successful placements and economic situation of the country where the enterprises-issuers operate.


international capital markets; initial public offering; the investor; Stock Exchange; capital; financial resources

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Science Works Journal "Ekonomichnyy analiz"

ISSN 1993-0259 (Print)  ISSN 2219-4649 (Online) DOI: 10.35774/econa

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