METHODOLOGY FOR FINANCING JOINT-STOCK COMPANIES THROUGH IPOS, SPOS, AND FPOS

Abstract

This article examines the economic essence of financing joint-stock companies through IPOs (Initial Public Offerings), SPOs (Secondary Public Offerings), and FPOs (Follow-on Public Offerings). It establishes criteria for selecting these instruments and develops an integrated methodology for their implementation. The research draws on official data from nine public offerings completed in Uzbekistan between 2018 and 2026, using information from the Republican Stock Exchange “Toshkent” and the National Association of Professional Participants of the Capital Market. To ensure reproducible analysis in the R environment, the study employs bootstrapping, the Mann–Whitney test, and an original algorithm, the Financing Efficiency of Public Offering Index (FEPOI). The primary scientific contribution of this research is the classification of public offerings according to the economic recipient of the proceeds rather than their formal legal designation. When new shares are sold, the proceeds are received by the issuer, constituting direct financing. Conversely, when existing shares are sold, the proceeds are received by the selling shareholder, while the company benefits indirectly through enhanced liquidity, increased free float, and improved valuation. Based on these findings, an IPO–FPO–SPO methodology is proposed, structured around the “6M” framework: Motive, Maturity, Market, Mix, Marketing, and Monitoring.