Best Time for Companies to Go IPO?

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In the context of the IPO renaissance, analysts are once again talking about “liquidity windows” – the most favorable periods for going public, when the financial system has the most available capital. But do they really exist?

The founder of the investment company Uniservice Capital, Alexey Antipin, shared his observations.

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From tax season to holidays: what influences the volume of liquidity in securities
Liquidity in the financial system is affected by many factors: from the tax period and the execution of state budget expenditures to macroeconomic trends. And also holidays, the timing of the preparation of emission documentation and other aspects.

However, if tax periods rather affect the short-term exchange rate on certain days, then holidays directly affect monetary activity: January and May can be safely included in periods of low activity in advance.

The influence of other factors is rather heterogeneous to afghanistan whatsapp number data make a forecast for “liquidity windows” on their basis: for example, if earlier the execution of expenses on the state budget was postponed mainly until the end of the year, now large volumes are paid as advance payments at the beginning of the year.



One of the key factors for a business is the length of time it takes to prepare for going public
The factor of the preparation period for the issues is probably unchangeable: for bonds it is 3-4 months, and those issuers who started preparation in November-December start the placement in February-March, and those who started preparation in January-February - already in April or June-July. The wave of preparations for spring and summer placements falls in autumn and November.

In this context, talking about what comes first – liquidity or the readiness of issuers to place – is like arguing about what comes first – the chicken or the egg.