Russian SEC changed the rules for companies that offer IPOs on the foreign exchanges. Most of IPOs have been sold on LSE, NYSE and GSE. Russian companies could sell up to 25% of their common stock, for instance, TMK sold 14.4% in 2006, OGK-5 and TGK-5 sold 20% and 15% in 2007 respectively. Now Russian companies are allowed to distribute only up to 5%. What it means for investors? Less supply and most likely higher demand.