# 75 367-373 View full article

УДК 336.763.2: 336.717.061: 339.727.22

DOI: https://doi.org/10.36887/2415-8453-2025-4-75

Stetsko Mykola,
D.Sc. (Economics), Professor, Professor, Department of Financial Technologies and Banking,
West Ukrainian National University
https://orcid.org/0000-0002-7728-9178
Kovalchuk Pavlo,
PhD student,
West Ukrainian National University
https://orcid.org/0009-0006-2946-4302
Sysak Volodymyr,
PhD student,
West Ukrainian National University
https://orcid.org/0009-0007-3152-7648

JEL classification: G15;G24; G32

Published: 19.12.2025

The article explores the place and role of underwriting as a fundamental mechanism for the functioning of global capital markets during the initial public offering of enterprises. The study analyzes the unprecedented transformation of the underwriting institute over the past two decades, characterized by significant volatility and shifts in monetary paradigms. The authors emphasize that investment banks today act not merely as technical intermediaries but as strategic architects of value and guarantors of stability under conditions of uncertainty. The research examines the dynamics of global and Ukrainian IPO markets for the period 2020–2024. It highlights that while global markets show signs of recovery after the 2022–2023 downturn, the Ukrainian market is undergoing unique institutional changes driven by the large-scale corporatization of strategic state assets, such as «Energoatom». The paper provides a detailed classification of the underwriter’s functional tasks, including comprehensive due diligence, pricing, strategic PR, and post-listing support for market stability. Special attention is paid to the regulatory framework in Ukraine, specifically the Law «On Capital Markets», and its alignment with international standards. The study identifies key barriers to IPO development in emerging markets, such as high transaction costs, regulatory gaps, and geopolitical risks. The practical significance of the study lies in the formulation of criteria for selecting an underwriting partner through «Beauty Contests» and in justifying the importance of professional financial intermediation for successful capital raising on global stock exchanges such as Nasdaq or the LSE.

Keywords: underwriting, IPO, initial public offering, investment banking, capital market, issuer, securities, financial intermediation.

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Quote article, APA style

Stetsko Mykola, Kovalchuk Pavlo, Sysak Volodymyr. . The place and role of underwriting in the initial public offering of company shares. The journal "Ukrainian Journal of Applied Economics and Technology". 2025 / #4. 367-373pp. https://doi.org/10.36887/2415-8453-2025-4-75

Quote article, MLA style

Stetsko Mykola, Kovalchuk Pavlo, Sysak Volodymyr. "The place and role of underwriting in the initial public offering of company shares". The journal "Ukrainian Journal of Applied Economics and Technology". . https://doi.org/10.36887/2415-8453-2025-4-75

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