About 10 Uzbek companies will conduct their IPOs for the first time in 2019

The Capital Market Development Agency of Uzbekistan has compiled a list of state-owned companies that in 2019 may conduct an Initial Public Offering (IPO). This was announced today by the First Deputy Director of the agency, Askar Obidov.

“A specific list of enterprises has already been submitted. We expect that by the end of the year, as a target, at least 10 companies will pass the IPO procedure. In a moderate form - about six companies,” he said at the meeting of representatives of the capital market.

According to him, this is “a package of shares that is really in demand and interesting for investors.” Obidov abstained from naming specific companies.

For the first time in the history of Uzbekistan, as an experiment, Quartz JSC in December 2017 conducted the first IPO on the Toshkent Stock Exchange. The company, established in 1975, is the largest enterprise for the production of sheet glass, glass for the automotive industry, glass jars, bottles and the only manufacturer of architectural glass in the country.

It should be recalled that according to the decree of President Shavkat Mirziyoyev, the Uzbek Metallurgical Plant, the Almalyk MMC and the Navoi MMC should conduct an IPO in the coming years. A number of Uzbek banks are also planning a public issue of securities.

IPO is understood as the initial public sale of shares of a joint stock company to an unlimited number of persons. The sale of stocks is carried out by placing an additional issue of shares through an open subscription.