Sell something nenuzhnoe

The hero of the legendary "Buttermilk" Matroskin said: "To sell something unnecessary, you must first buy something unnecessary." Obviously, sell and buy - all that while investors can innovative companies. And profits were the original shareholders, have shaken the IPO of part of the shares. / / Tatiana Lanshina, Bankir.Ru

In the summer of 2010 at the Moscow Interbank Currency Exchange (MICEX), one after another house two innovative companies - "DIODE" and "Russian Navigation Technologies (RNT). According Dionis Gordin, a board member and managing director of investment activities of the Russian Corporation of Nanotechnologies (SC Rusnano "), until the end of the year on the MICEX will come before a dozen innovative companies. In September and October are expected IPO of foreign organizations in Russia.

Recently, the state makes every effort to attract investors in innovative projects, and not only Russian, and not only through the exchange. For example, there is interest in a foreign venture capital investors. May 25, President Dmitry Medvedev met with leaders of American funds. During the meeting President said that Russia lacks venture capital. In his words, Russia now has 20 venture funds totaling capital of about $ 2 billion, in comparison with the U.S., and with other countries is negligible. However, foreign investors are unlikely to show interest.

Market for innovators

Discussions on the establishment of the "Russian NASDAQ» go more than a year. In January 2007, started trading platform RTS START, which is designed for small and mid capitalization. Securities of issuers included in the segment of RTS START, both admitted to trading on the RTS. Now RTS START treated five securities: stock paper mill Kommunar, Kosorgskogo metallurgical plant, the plant "Electrozinc", Neftekamsk car and the company "Sigma".

In July 2009, was created Market Innovation and Investment (DAI) on the MICEX. The main purpose of this joint venture with Rusnano project was the creation of a mechanism to attract funds in high-tech companies - from the financing of innovative businesses at early stages before its release to a public offering. The first IPO in a new sector was held in late 2009 - then the stock market went Institute of Human Stem Cells (ISKCH). In June 2010 the stock market led the company's shares "Diode", and in July - RNT.

True, the company put a small or medium capitalization on MICEX could still since 2007, when Branch was established for Innovation and Growth Companies (IGC). The first issuer of the IGC Sector has become a closed-end investment fund particularly risky (venture) investments Finam - Information Technologies (FINAM-IT).

Also in this sector on the stock exchange fell three companies: IT-company "Armada", channel "O2TV" and producer of chemicals neck. Incidentally, in July 2010 Armada transferred its shares from the IGC Sector in the main list of securities on the MICEX. According to CEO MICEX Konstantin Korishchenko, it says "the growth of corporate governance, as well as the achievement of maturity the company's business.

By the exchange is ready?

But sooner or Russian innovation companies to enter the stock market? Usually preceded by a phase IPO venture capital investment. Among those innovative companies that have already entered the stock exchange through the platform RII MICEX, this path was only RNT. Many experts believe that in Russia at the moment there are almost no projects that can enter the stock market. This does not mean that good innovative companies do not at all. The fact that their shareholders do not want to allow us to manage anyone else. Those companies, which, conversely, are ready to sell the shares, as a rule, not a high level of management and availability of promising business ideas.

Smolentsev Constantine, chairman of the board of directors "Smolentsev & Partners, told Bankir.Ru, that, based on experience with Russian companies, innovative business and analysis of world experience, many Russian innovatsionschikam too early to go for an IPO. Key factors include: lack of experience in corporate governance, lack of history of public borrowing, a low level of management, poorly reasoned financial projections and a number of other serious reasons.

To solve these problems can venture financing, and perhaps not even one round, and within 3-5 years. A breakdown of project stages in terms of attracting funding can grow your business more intensively, while narabatyvaya civilized management experience. The market value of the business in such a way to the IPO is significantly higher, making the IPO more attractive for major players in the financial market.

Elena Masolova, chief investment fund AddVenture, believes that the best companies to enter the stock market is not too early. «Kupivip achieve turnover of more than $ 70 million this year, which is enough for listing. DarBerry too seriously considering that option 1,5-2 years (by December, she should be circulation of $ 1 million per month), - says Elena Masolova. - Another thing is that site for now, dead. The company goes on the stock exchange, then she also mimics the activity - buying and selling their shares, there is no real liquidity.

With regard to other, more well-known Internet projects, the reasons for the refusal of exchange can be very different. Elena Masolova said that, for example, "mates until last year had weak performance, plus the IPO of the asset would have been in conflict with the interests of the Digital Sky Technologies (DST), which recently received a 100% control over the" classmates ". In early 2011 DST she plans to enter the stock market with all its Russian assets. Previously, "Classmates" are not placed, because it is expensive and requires transparency, which may not coincide with those of shareholders.

The main thing - time to go

Many of the current shareholders of an IPO as a way to sell part of its stake in the company, that is, funds are not for investment, as expected by most ordinary investors, and in favor of original shareholders. For example, because the company had behaved "DIODE", which intends to fall to secondary placement (Secondary Public Offering, SPO), and only in those proceedings to raise funds for investment in the business. It should be noted that the probability of a small additional issue: during the initial public offering instead of the planned 25% managed to place only 10% of the shares of the company. Additional emission is planned in the amount of 23% of the enlarged share capital.

According to Helen Masolovoy, the yield on the stock exchange - is not only a source of funding. Rather, it should be considered as an option out of business. Exchange Alternative sources of funding - venture capital funds, less often - project finance departments of banks, even fewer - loans from banks and corporate investment.

Investment banks, which are the organizers of the IPO, but because they are interested, emphasize that Russia has enough innovative companies that have passed the stage of formation and initial growth, which are ready to conduct IPO. For example, consider Maxim Dremin, head of corporate finance "ALOR INVEST. Mr. Dremin told Bankir.Ru, that the IPO could be any company that investors are interested and willing, given its financial indicators (earnings, assets, etc.), enter the stock market and the normal to handle it.

Jan Tulchinskaya, Managing Director and Head of Investment Banking Investment Bank "Opening", she said: "If access to the public market solves the problem in front of an innovative company and comfort for its shareholders, why not?". In other words, any company which is able to fulfill the requirements of liquidity, information disclosure and other conditions, can safely go to the exchange, and in the innovative sector.

According to Maxim, the phase of venture financing is present during the development of any company, just RNT it was associated with the fund VTB, therefore, the most noticeable. In other companies it can pass both through the initial investment of shareholders (the case with the Institute of Human Stem Cells ") and with funds diverted from core activities (for example - the company" DIODE ").

Andrei Sapunov, an analyst at Finam Investment Company, told Bankir.Ru, that the involvement of direct investor in the venture project in general is not a compulsory stage. If company owners have their own means, then they themselves and act as a venture capital investors. If the project can quickly start to generate cash flow, it is advantageous to draw a loan, because, having paid for it, the creator of business retains complete control over the company.

The money from the IPO market for the company are the cheapest, so if there is reason to hope that will accommodate the stock market at a good price, do not seek direct investor, who will naturally try to buy a stake in the company at a discount. However, the involvement of the direct investor may be made and after the company has placed the paper on the market - this option for the direct benefit of the investor that he is an intelligent pricing benchmarks and the ability to rapidly if necessary to withdraw money from the business.

The answer to the question "is not it too early for the Russian innovative businesses to enter the IPO», according to Mr. Sapunova best gave themselves accommodation, demonstrating a good market demand for these securities. If the company enters the accommodation after the introduction in the lives of their innovative projects, or at least not at the initial stage of implementation, to sell the shares could have been more expensive. But in this case would have to seek other sources of funds for development now. A, according to the saying "money received before - a lot of money."

The experience we do not need

According to Konstantin Smolentseva, market shares of innovative companies is risky by definition. This is especially true for Russia, where this segment is not formed, many options that allow you to look confidently into their future. It is highly risky assets. Therefore, minority shareholders have a chance to make money on these promotions and risk - of losing. Reliable forecast at the time of placement can not give one, as then, during operations on the secondary market. Too small amount of the said segment of the stock market is too significant threats and restrictions.

But for venture funds innovative companies - an attractive asset. Many people, especially foreign players, have experience with such organizations and, consequently, have the opportunity to share these experiences. If venture investment business has not many minority "passive" shareholders, and one or a small group of highly qualified partners who are interested and actively influencing the formation of a successful business.

Therefore, for minority shareholders and large investors, and for the stock market in general, much better initially to develop the business with the help of "angels" or venture capital investments, and later go for an IPO. Then the chance to earn for the minority becomes larger and, more importantly, it is more likely in the long term.

Investbank believe that the issuer of experience with institutional investor completely optional. According to Maxim Dremina, the company is no difference, is its mass or institutional investor. For a company of any investor - is, first and foremost, resources, and no matter who provides them. In mass investor has an advantage - there is no significant effect on business opportunities and solutions to major shareholders. In the case of innovative companies that must make decisions quickly, is largely positive. The presence of one large external investor in some cases can lead to conflicts within the company and reduce the rate of its development.

The position of Andrei Sapunov, when it comes to IPOs of innovative companies, mass offerings is very relative. This is not Rosneft and VTB, which attracted into the market, many thousands of people who until then had only a vague idea of what stocks and exchange. Placement of the same innovative companies, mostly attract experienced private investors, many of whom experience exchange trading more than most professionals working in companies and acting as institutional investors. This is not a grandparent, carrying on the exchange last pennies. Judging by the fact that many of them did not participate in the first placement, they are to such investments and understand them.

Strike any outcome of the offerings for businesses, even preliminary, premature. What is a qualitative assessment can be given through a fairly long period when there will be clear to the effectiveness of management, the success of the implementation of the stated business strategy, investment program, each of the represented companies.

According to Andrei Sapunov, at the moment it appears: Nestled on the stock exchange issuers have become more competitive. Greater transparency of business significantly increases the attractiveness of public companies to partners and contractors as compared to non-public competitors. Given that and the RNT, and diodes, and ISKCH focused on strengthening capacity of the international presence, opening up their business would be a powerful driver of growth in operating and, consequently, financial performance in the long term.
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