STRUCTURE OF THE SYSTEM OF INITIAL PUBLIC OFFERING OF SHARES BY ENTERPRISES

Abstract

The article aims to study the structure of the initial public offering (IPO) system for enterprises, identifying its main elements and interrelationships. It also aims to generalise theoretical and practical approaches to organising IPOs, taking into account international and domestic experience. This article examines the structure of the initial public offering (IPO) system, an important tool for mobilising investment resources and fostering enterprise competitiveness in the context of globalisation. It reveals the essence of an IPO as the first public sale of shares and analyses the legislative definitions of this phenomenon in the United States and Ukraine. The scientific approaches to understanding IPOs in foreign economic literature are identified, emphasising the role of IPOs in raising capital and creating market opportunities for shareholders. The advantages of IPOs highlighted in domestic studies are categorised as follows: the accumulation of financial resources over the long term; the objective determination of enterprise value; capitalisation growth; the liquidity of shares; the absence of a debt burden; and the improvement of corporate reputation. Particular attention is paid to the European experience of organising IPOs, including the selection of a stock exchange and listing standards, the determination of the type and volume of shares, the methods of their placement, the financial reporting requirements, the implementation of structural changes within the company and the planning of the use of proceeds. The IPO system is structured as a set of interconnected elements: the issuer, the stock exchange, investment intermediaries, regulatory authorities and investors. It is emphasised that the IPO system can only function effectively with a developed stock market infrastructure, a transparent regulatory environment, and a high level of trust among participants. It is noted that, for Ukrainian enterprises, introducing an IPO is a promising way to increase capitalisation, reputation, and integration into the global capital market; however, its effectiveness depends on stock market infrastructure development and institutional trust levels.