Ukraine’s National Securities and Stock Market Commission (NSSMC) plans to launch the so-called “people’s IPO” mechanism this year and implement a broader capital market reform in 2026–2027. The announcement was made by NSSMC Chairman Oleksii Semeniuk during a meeting with representatives of the European Business Association.
According to Semeniuk, Ukraine’s capital market is currently largely concentrated around domestic government bonds (OVDP), limiting its broader development. In response, the Commission has developed a comprehensive market modernization concept aimed at expanding the range of financial instruments, increasing liquidity, attracting new issuers, and stimulating greater business participation. The document has already been submitted to the business community for discussion.
Key reform areas include the launch of a funded pension system, development of the municipal bond market, creation of incentives for long-term investment, and simplification of access to capital markets for small and medium-sized enterprises. These measures are expected to diversify sources of capital and revitalize exchange trading activity.
A separate focus will be the regulation of virtual assets. The distribution of supervisory powers between the NSSMC and the National Bank of Ukraine in this segment is currently under review. The Commission also plans to adopt a securitization law this year. The legislation would allow the establishment of special purpose vehicles (SPVs) capable of issuing asset-backed securities and implementing such mechanisms in practice. It is anticipated that this will broaden investment opportunities and introduce modern financial instruments to the Ukrainian market.
The “people’s IPO” concept предусматриває the sale of minority stakes in large state-owned enterprises to a wide base of citizens through the stock market. Previously, former NSSMC Chairman Ruslan Magomedov proposed offering up to 7% stakes in profitable state companies such as PrivatBank, Naftogaz of Ukraine, and Energoatom in order to raise capital while encouraging broader public participation in investment.
