There was no issue in Russia. By the end of October, only two IPOs were held on the Moscow Stock Exchange - B2B-RTS and Inkab Holding, which raised about 2 billion rubles. Softline's subsidiary canceled a $2 billion bid due to high market volatility. The Ministry of Finance in the spring reduced the expectations for the IPO of state-owned companies from three to one. The index of the Moscow Stock Exchange since the beginning of the year fell to 13.6%, the IPO index - 7.2%. Last year was no better: four locations for 37 billion rubles, of which 25 billion was DomRF. The rate of 14% makes deposits and bonds more profitable and reliable than stocks. The geological uncertainty prevents growth. Many securities placed in 2024-2025 are trading below the IPO price, and private investors, the bulk of demand, have become more cautious. Companies, in turn, do not want to sell shares at a low value. There is simply no chance of a sharp improvement in the situation, the prospects for the medium term of 1-2 years ahead are not too optimistic either. Investment in fixed assets in the country is significantly reduced, and the IPO status is only one indicator.