Ruslan Magomedov: We are ready to support a company that will be the first to make an initial public offering (IPO)

The NSSMC continues to implement tools that can open the way for businesses to invest and change their approach to raising funds — from so-called “napkin deals” to transparent mechanisms.

This was stated by Chairman of the Commission, Ruslan Magomedov, during the GET Business Festival 2025.

He noted that today the capital market in Ukraine has effectively narrowed to a single instrument — OVDPs (government bonds) — and this raises questions from entrepreneurs about how much money can be raised by issuing their own shares or bonds. Currently, the market does not provide an answer to this question, as there have been no relevant precedents yet.

“That is why our task is to demonstrate a practical case that this is possible and send a clear signal to the entire market: placements by companies in Ukraine can work just as effectively as placements by the government. To do this, we must level the playing field for businesses and the state, and individual investment accounts (IIAs) are a key tool here,” said Ruslan Magomedov.

The NSSMC has already prepared a relevant draft law, which will be registered with the Verkhovna Rada in the near future.

“The idea is as follows: when Ukrainian citizens invest in domestic securities for five years, they can withdraw their funds without paying taxes. This removes the tax inequality between OVDPs and corporate securities and gives businesses direct access to people’s savings, which currently remain “immobilized” inside the country but are ready to be put to work.”

The launch of IIAs opens up another important opportunity for the market — the practice of initial public offerings (IPOs).

“Is Ukraine ready for its first IPO? Yes, it is. There is domestic capital, there is demand for investment, and thanks to IIAs, businesses enjoy the same tax conditions as the state. This opens up opportunities for real corporate fundraising. The NSSMC is ready to support the company that will be the first. We will provide support and facilitate the process as much as possible,” said the Chairman.

Ruslan Magomedov also noted that the NSSMC wants to develop instruments that will enable businesses to attract investment at the venture capital stage. One such instrument is a private placement of securities.

“Private placements are ones that can be offered to a limited group of people and which will be very useful for those who are just starting to raise funds. That is why we want to launch the so-called MVP (Minimum Viable Product) and make this tool available to small businesses. Should this tool prove effective, it will quickly spread through word of mouth, and we will develop subsequent solutions based on business demand,” emphasized Ruslan Magomedov.