Nubwo ikibazo cyigihe kirekire, ubucuruzi bwimbere mu gihugu ashaka kujya muri IPO. Alexey Bujanov, umuyobozi w'isosiyete ishora imari ya Bengala, mu bikoresho Moscou ya buri munsi izakubwira icyo iPO ari, kandi izasobanura impamvu ibigo binini bishishikajwe no gushyira imigabane yabo ku myigaragambyo.
IPO ni iki.
Ipo (ai-pi-o) - Ibitambo byambere, "Igitambo cyibanze". Muri Ipo ry'Uburusiya yashoboraga kwitwa PPP (p muri Cuba), ariko iri jambo ryadukomeje hamwe n'amagambo y'umwimerere.Intangiriro ya ipo ije kuba isosiyete ibanza imigabane yayo kumasoko yimari kugirango abaguzi benshi. Rero, isosiyete ivuga ikintu nka:
"Uraho, tuzi gukora ubucuruzi bwiza, duhe amafaranga (urugero, kuduha) - kandi tuzagabana inyungu"
Gusa abashoramari babishoboye bakiriye ibyemezo bikwiye kugirango byinjizwe muri IPO (abahuza batandukanye baratandukanye kubona imiterere). Rero, bahinduka abo bafatanije na sosiyete, ishobora kubara umugabane winyungu, ijyanye nubunini bwimigabane mize.
Ibigo byirengagiza IPO mugihe ziri muburyo bwiza bushoboka: Aha, imigabane irashobora kugurishwa bihenze, bityo ikurura ishoramari ryinshi. Icyakora, mu ntangiriro 2020, ibigo binini by'Uburusiya byahise bihita byahise kuri IPO: SovComFlot, "indege" na Ozon. Kugereranya: Muri Curdth 2019 yamasosiyete manini yu Burusiya, gusa hashyirwaho umutwe.
Paradox isa ntabwo ari impanuka, ahubwo ni impengamiro. Muri 2021, amasosiyetes yuburusiya afite icyifuzo cyo kujya muri IPO kandi azabikora, nubwo ikibazo kitari aho. Kugira ngo wumve logique, ugomba kugereranya no gusubira inyuma.
Amateka IPO mu Burusiya
Mu burengerazuba, isosiyete yabaye rusange no mu kinyagihumbi cyashize. Isosiyete ya mbere yo gukora mu gihugu, igera ku isoko ry'imari ku isi, yabaye Vimpelcom mu 1996.
Ikibazo cyo mu 1998 cyahagaritse kugenda mu bucuruzi bw'Uburusiya muri iki cyerekezo, ariko muri zeru iyi myambarire yatwikiriye ibigo byose bikomeye. Kuva mu 2000 kugeza ikibazo cya 2008, amasosiyete yo mu ngo yagiye mu mwanya wa ipo ahanini ku mbuga i Londres na New York.
Ntabwo yari mumyambarire gusa
Ubwa mbere, isosiyete yari ikeneye gusa imari yo kuvugurura n'imishinga mishya. Aya mafranga yari atoroshye kandi ahenze gukurura umwenda, kandi amafaranga mu murwa mukuru mu murwa mukuru mu gusobanukirwa k'Uburusiya yafatwaga nk '"umudendezo", nubwo umugabane w'abanyamigabane wari usobanukiwe. Nubwo bimeze bityo ariko, abanyamigabane ubwabo bashyigikiye IPO: ububiko bwahawe agaciro nyako mugusuzuma urubuga mpuzamahanga - bityo amahirwe yo gukoresha neza.
Icya kabiri, haracyari ububiko bushya bujyanye nigihe cyo gutangiza igihe sosiyete ukunda guhitamo ibishishwa bitandukanye. Mugihe cyo gushyira imbere, ubugenzuzi bwimbitse kandi bugenzura byemewe n'amategeko bwasoje ikibazo cyibisabwa nubuhanga bwigenga bwigenga.
Kumenyekanisha isosiyete noneho bashinze kubushake bukabije bwa porogaramu, abayobozi, abanywanyi n'abagenzuzi. Byeze ko isosiyete nk'iyi igwa mu bubasha ku isi kandi ntishobora guhangayikishwa n'iterambere.
Yamaranye rero mbere yikibazo cyo muri 2008. IPO yashoboye kubona MTS, Wimm-Bill-Dan, Pyaterochka, Sistema, Rambler, "ST" na "Rosneft"
Nyuma yigihe cyibibazo, bishoboka kandi - hamwe nibigereranyo bihatiye - icyifuzo cyo gufatwa kumugaragaro. Ariko ikibazo cyarashize - kuva 2014, - Ibigo byongeye kujya muri IPO, Abarusiya barabatsemba inyuma yabo.
Muri 14 (nyuma yibyabaye kuri Crimean), ingingo yo kwiyemeza nijambo ryububasha mpuzamahanga, bugari bwarapfuye. Kubera ibihano kubigo byugarusiya, isoko rusange ryisi yose ryarafunzwe.
Impamvu Ibigo bijya kuri IPO nonaha
Iminsi yacu ntabwo isa neza kugirango igere iPO - ibihano ntabwo buri hose kandi, ucibwa urubanza nibyabaye bigezweho, icyorezo cyashizeho, icyorezo cyapakiye mukibazo kandi kikaba ubukungu bwimbeba hafi yumwaka kandi ntabwo agenda kuzimira.Ibihano binini-byo kurwanya Uburusiya vuba aha bizaba imyaka 7, kandi ambulanse yabo ntishobora no kubura kubura icyorezo
Amasosiyete afite inyungu zijyanye nunguka kuri ipo atari iyo isoko rihagaze neza, ariko nubwo ikura. Abashoramari mbere ya bose basuzuma ubushobozi bwo gukura kwa sosiyete, kandi mugihe habaye kuzamuka muri rusange ubukungu biri imbere, hanyuma isosiyete ifatanije cyane ifite amahirwe menshi yiterambere kuruta mugihe cya fusision.
Ntiwibagirwe ko gukura gukomeye bibaho kubibazo. Kurugero, amasosiyete yubuhinzi asangira, inyinshi muri zo zavuguruye amateka magi muri 2020.
Nubwo atari ibigo gusa, kumiterere yibikorwa, byari mubitekerezo. Ibyibandwaho mu bukungu bw'isi byajyanye muri Werurwe 2020: Nta muntu wari witeguye icyorezo.
Ubu bagaragaye neza ko ikibazo natwe igihe kirekire, kandi ni kimwe ni uko ari ngombwa gutura. Abashoramari n'abafite abashoramari n'abafite ubucuruzi bamenyereye uko ibintu bimeze, n'isoko, bamenetse batinya ibintu bitemewe, byaje
Impamvu y'ingenzi iteye ubwoba ya IPO nuko coronacacis yatinze guteza imbere amasosiyete n'amasoko. Niba kare ikibazo cyo kurekurwa kuri IPO ntabwo cyarinze cyane, ubungubu - Usohoka nonaha hashobora kubaho ibyago runaka bidakenewe, cyangwa mumazuki mushya. Kandi ninde uzi niba uzarokoka niba udahungabana amafaranga bidasubirwaho.
Ku bw'amahirwe, amasosiyete menshi y'Uburusiya afite amahirwe menshi yo kuva mu isoko ry'imari, kuko bitewe n'ibibazo n'ibihano bikaba bidafite agaciro. Ubukunzwe mbere ya byose, imishinga yibyiciro byitwa Ubukungu bushya ni Isosiyete zerekeza hamwe ninzego zijyanye na: gutanga, gukorana, gukorana.
Muri gahunda yo gukora, ibigo nkibi birashobora no kugabanya ibiro - iyi ntabwo ari imbogamizi yo kwinjira muri IPO. Kuberako, bitandukanye nubukungu gakondo (umusaruro, imashini, umutungo utimukanwa), ibigo bifite ibyiringiro byinshi: Isi ikeneye ibyemezo. Ishoramari ntizazana amafaranga mugutezimbere sosiyete, ariko izatanga isuzuma ryiza muburyo:
"Yego, aba basore baracyafite ubushobozi, ariko bashoye miliyoni ebyiri z'amadolari - bivuze ko hari ubushobozi"
Urugero ruranga ni isoko ryikirusiya "ozone". Isosiyete yasohotse kuri IPO umwaka ushize. Isoko ryafashe aha hantu neza. Nyuma yo gushyira imbere "ozone" yongeyeho 50% yikiguzi (kandi akomeza gukura), nubwo byagenze nabi. Ibi byashishikarizwa nibindi bigo: Bamenye ko bashobora kubara kubigereranyo nyabyo byubushobozi bwabo mumasezerano yabo, kandi ntabwo asubiramo inyungu zumye gusa ibisubizo byamafaranga.
Aho ujya kuri ipo
Usibye kurubuga rwiburengerazuba, Ikirusiya cyabayeho igihe kirekire kubacumbika. Kuki bakeneye niba mpuzamahanga?
Ubwa mbere, amasosiyete ararusheho kudahitamo ubundi buryo, kandi bwindimi bishoboka - biro ryiyongereyeho ingwate, inyuguti nkuru, ikurura abashoramari.
Icya kabiri, mu mbuga zo murugo, akenshi byoroshye kwakira, kuko kungurana ibitekerezo byiburengerazuba ibipimo byinshi. Ibigo bitujuje bigarukira gusa ku rubuga rw'abarusiya bafite ibisabwa bishoboka cyane ko bashoboye gukora.
Niki ingaruka isosiyete ijya muri ipo
Nk'ubutegetsi, ingaruka zose z'ubucuruzi runaka, usibye ku giti cye, ingaruka zifite urugero rw'imari n'inganda ubwayo. Kurugero, isosiyete itanga imperi izabura abakiriya kubera icyorezo (nkibigo byose binyura umwanya wo ku biro), ariko hariho kwizera ko icyitegererezo cyacyo gifasha ubucuruzi kugarura vuba.Itandukaniro nyamukuru nuko hagira ikibazo cyisosiyete rusange hamwe namakosa ayo ari yo yose yo kuyobora yangiza izina rirenze isosiyete yigenga
Abashoramari bakurikiza neza amafaranga yabo, bakayiyobya - ibintu bidasanzwe: Isosiyete rusange yiyemeje gukorera no gutangaza amakuru yose y'ibikorwa byayo.
Ozone yinjiye muri IPO, harimo, kandi kubera ko yageze ku cyitegererezo cya kera cy'ikigo gitanga ikizere, gifite "abakiriya benshi batari amafaranga menshi, ariko ibintu byose birashobora guhinduka." Ikigo cya Leta gifite ibintu nkibi bihora bikangirwa kutazashobora kubungabunga abakiriya - kandi gutakaza igikundiro.
Birashoboka kujya muri ipo mumunsi umwe
Muri make: Oya.
Isosiyete y'Uburusiya irashobora kujya muri IPO muri 2021, niba ihuye nibisabwa bikurikira:
- Isosiyete igomba kuba nini bihagije kandi mu mutungo - cyane cyane ibyiciro - abashoramari bazaba baherereye;
- Hagomba kubaho gahunda yiterambere, abashoramari baba biteguye kwizera ko ari 1) bashyizwe mubikorwa, 2) ntabwo bitwaje ingaruka zishyurwa;
- Isosiyete yiteguye kugenzura imari no kugenzura mumategeko.
Kubwibyo, niba isosiyete ari nini ihagije kandi isezeranya, kugirango ihite ugana muri IPO, ntabwo bishoboka kuba umushoramari mugihe: Gahunda yiterambere ntabwo yemeje abashoramari, ntibazashyirwa mubugenzuzi bwisosiyete ukwezi kutategura.
Uyu munsi, umunezero kuri IPO mu Burusiya afitanye isano no ko mu bukungu habaye agavuduko, igishoro cyegeranijwe. Isoko rimaze kugenda, ibibazo bidahwitse byasimbuwe nigikorwa gitanga amahirwe yo gucumbika
Hariho amafaranga arimo gushaka ibyifuzo. Ariko niba utiteguye kujya muri IPO kurubu, ubwenge bwo gutegura neza inzira, gutegura no gutegereza isaha yawe. Ingaruka z'ibibazo zizagenda buhoro buhoro hanyuma igihe iki cyorezo kizahita gihita, ni ukuvuga nyuma yimyaka ibiri, byatanzwe nuko ntamuntu wa mugitondo ukinira mu mbeba ihindagurika.
Alexey Bujanov,
Umuyobozi w'ikigo cy'ishoramari Bengala Ishoramari
Ifoto: Getty.