ST. PETERSBURG, June 16. /TASS/. The Moscow Exchange (MOEX) expects up to 40 IPOs in the coming years and 10 IPOs in 2023, Chairman of the Executive Board of Moscow Exchange Yury Denisov said at the St. Petersburg International Economic Forum (SPIEF) on Friday.

"We have a market where the number of issuers is increasing and there is more interest in the issuance of securities. We expect up to ten issuances this year, and up to 40 [issuances] in the coming years. Most of the issuances will be in the IT and medicine sectors," he said. Meanwhile, the process from wanting to issue an IPO to getting it out takes several years, Denisov added, noting that the Moscow Exchange is set on making sure this process goes smoothly and quickly.

The MOEX Index is now undergoing a fundamental change as the non-commodities sector in the index is rising, whereas the commodities sector is falling, he said. "This means that new business is coming in that investors are interested in. This allows for major diversification which is good for investors as they can apply various strategies," the chairman explained.

The 26th St. Petersburg International Economic Forum (SPIEF) - Russia’s showcase annual economic and business event - is being held on June 14-17. 'Sovereign Development as the Basis of a Just World: Joining Forces for Future Generations' is the theme of this year’s forum. TASS is the official information partner of the event.