Egor Polyakov: "Entering the capital market today is becoming a strategic necessity."

      May 21, 2026 16:41 Economy Why should companies enter the capital market under modern conditions? This was discussed at a round table at the Volga-Vyatka branch of the Bank of Russia. The event featured the Director of the Department of Strategic Development of the Financial Market of the Bank of Russia, Ekaterina Lozgacheva, the General Director of the Nizhny Novgorod Region Development Corporation, Igor Ishchenko, the Chairman of the Supervisory Board of the ANO "Association of Independent Directors," Alexander Ikonnikov, and the Senior Managing Director for Interaction with Issuers and Government Authorities of PJSC "Moscow Exchange," Elena Kuritsina. Currently, companies are hesitant to enter the stock market, unsure of how to prepare, consider themselves too small to attract such financing, and fear losing control over their business. "We know that businesses are more accustomed to borrowing money from banks, as it is a familiar tool for attracting financing. However, we understand that the importance of the capital market for the economy and for investments should grow, considering the historical bias towards bank lending. This is important for both individual companies and the economy as a whole. So far, stocks are undervalued by the business community. Although their advantages are obvious: they are a perpetual and flexible instrument—without collateral and covenants. This allows for the diversification of financing sources for businesses," noted Ekaterina Lozgacheva, Director of the Department of Strategic Development of the Financial Market of the Bank of Russia. The Bank of Russia, together with the government of the Russian Federation, is working on developing support measures for companies planning to attract financing in the capital market. "Investment financing is possible not only through credit sources and own funds. Companies can leverage the potential of the equity market. It is important to remember that the success of issuing shares depends on many factors. But, first and foremost, it depends on the ability to work with investors and the capacity to meet their main requests. A company needs to have a clear and confirmed development potential for at least the next 3-5 years. An open and understandable financial strategy of the issuer is necessary. The investor must understand how dividends will be paid. And, of course, there needs to be quality corporate governance—how ready the company is to ensure the protection of minority shareholders' rights," said Andrey Popov, Head of the Volga-Vyatka branch of the Bank of Russia. There is potential in the regions to expand the circle of issuers. In the Nizhny Novgorod region, 15-20 companies from the manufacturing industry can go public. "The Nizhny Novgorod region, like the country as a whole, is currently working under challenging conditions. Entering the capital market today is becoming not just an alternative to bank credit, but a strategic necessity. For growing companies, equity capital and bonds are not only funds for development but also a way to strengthen investor trust. If we talk about the motives for entering the capital market, I would highlight several key ones. These are long-term resources, diversification of sources, as well as growth and scaling. Equity capital is interesting for those companies that have already passed the stage of establishment and are ready to finance production expansion, invest in technology, team development, and infrastructure," noted Yegor Polyakov, Deputy Governor of the Nizhny Novgorod Region. A company's IPO is a multifaceted process that requires careful preparation, understanding of the rules and requirements of financial regulators. At the round table, the "Issuer School" project was presented, organized by the Volga-Vyatka branch of the Bank of Russia, the Nizhny Novgorod Region Development Corporation, and the government of the Nizhny Novgorod Region. The target audience is companies in the medium and large business segment considering going public within 2-5 years. The "Issuer School" will allow companies to prepare for the issuance of securities and digital financial assets, using knowledge gained from practitioners. "The training program is aimed at stimulating the investment development of industrial enterprises. It is free and includes six in-person modules, covering both theoretical and practical classes. Among the topics addressed are: basic tools and logic of capital attraction, digital and classical bonds, and more," said Igor Ishchenko, General Director of the Nizhny Novgorod Region Development Corporation. The NIA "Nizhny Novgorod" has channels on Telegram and MAX. Subscribe to stay updated on major events, exclusive materials, and timely information. Copyright © 1999—2025 NIA "Nizhny Novgorod." When reprinting, a hyperlink to NIA "Nizhny Novgorod" is mandatory. This resource may contain materials 18+