ST. PETERSBURG, June 7. /TASS/. Russian President Vladimir Putin gave instructions to further encourage IPOs of Russian companies.

"I ask the government, together with the Bank of Russia, to propose additional measures to encourage companies to go public with their securities. In particular, we need to think about compensating the costs of IPOs for small technology companies," he said at the plenary session of the St. Petersburg International Economic Forum (SPIEF).

He also noted that the capitalization of the Russian stock market should double by the end of the decade. "The goal has already been set - by the end of this decade, the capitalization of the Russian stock market should approximately double and amount to two-thirds of the gross domestic product," Putin said.

At the same time, according to the Russian President, demand for shares of Russian companies consistently exceeds supply. "Today, there are around 30 mln so-called retail investors in Russia, who are our citizens. Over the course of the year, their total assets increased 1.5-fold, reaching more than 9 trillion rubles. At the same time, the demand for placement of shares of Russian companies has continuously surpassed supply throughout this period," he said.

The St. Petersburg International Economic Forum (SPIEF) is held on June 5-8. This year’s theme will be "The Formation of New Areas of Growth as the Cornerstone of a Multipolar World." Scheduled events include meetings for small and medium-sized businesses, creative industries, the SPIEF Youth Day, as well as the Drug Security, SPIEF Academy and SPIEF Junior forums. SPIEF is organized by the Roscongress Foundation. TASS is the information partner of the event.