BRICS nations discuss pathways for tech firms to access public markets at SPIEF
Moscow, June 5
Accelerated growth of technology companies across BRICS nations could boost annual gross domestic product by as much as US$656 billion, while deeper cooperation among member countries could generate an additional economic impact exceeding US$2.7 trillion per year, according to a report jointly prepared by Russia's Ministry of Finance and the Central University.
The findings were presented by Ilya Ivaninsky, Director of the Center for Business Education and Analytics at Central University, during a round table discussion on Initial Public Offerings (IPOs) at the 29th St. Petersburg International Economic Forum (SPIEF).
Ivaninsky noted that IPOs serve as a key mechanism through which economic growth translates into investment opportunities. According to the report, BRICS countries accounted for nearly 50 per cent of global technology company IPOs in 2025, although around 90 per cent of these listings were concentrated in China and India.
Participants discussed ways to increase the market capitalisation of technology firms across BRICS economies. Russia, which aims to raise its stock market capitalisation-to-GDP ratio to 66 per cent under a presidential directive, views capital market development as a major driver of economic growth, as reported by TV BRICS.
Deputy Finance Minister Ivan Chebeskov said Russia is studying the experiences of China, India and the United Arab Emirates, while also seeking greater integration of financial infrastructure among BRICS countries. He emphasised the need for investors to access companies across member states and for businesses to list on one another's markets more freely.
Officials highlighted the importance of developing alternative financial market infrastructure within BRICS. Chebeskov said such systems could contribute up to US$12 billion annually to economic growth. Representatives from the UAE also shared reforms that helped attract more than 53,000 new investors to its stock market last year, with 80 per cent coming from outside the country.
— ANI
Reader Comments
Interesting to see Russia looking to India and UAE for capital market lessons. We've had SEBI doing great work on IPO reforms – the T+3 listing and the new SME platform have really opened up access. But I wonder how practical it is to integrate different BRICS financial systems. Each country has its own regulatory framework, currency risks, and tax structures. Hope they start with a pilot rather than going all in. 🧐
$12 billion annually from alternative financial infrastructure? That's good but chicken feed compared to the $656 billion GDP boost. The real game changer would be a BRICS-wide settlement system for IPOs – bypassing SWIFT and dollar dependency. India has been pushing for rupee trade settlement; this is the logical next step. China's already got CIPS, RBI has the trade settlement mechanism. Let's connect the dots. 💡
As an investor watching global markets, this BRICS integration is risky but promising. The UAE has shown it can attract foreign investors through reforms. India has the depth and the companies. But Russia's market is constrained by sanctions. Will Western investors be able to participate? And what about IPOs in countries like South Africa or Brazil? The report focuses on India and China – others are being left behind.
Russia wants to grow its market cap to 66% of GDP – that's ambitious. For comparison, India's market cap is around 120% of GDP! We've already shown it's possible with strong domestic participation and retail investor growth. The numbers from UAE are impressive too – 53,000 new investors, 80% foreign. BRICS countries should share best practices on investor education, digital onboarding, and market-making. Lot to learn from each other. 📈
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