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15 large state-owned enterprises to conduct an IPO by 2023

Uzbekistan Airways, Uzavtosanoat, Uzbekneftegaz, 5 banks and 3 large metallurgical combines plan to conduct an IPO by 2023.

The list of state-owned enterprises that conduct an IPO in 2021-2023 has been approved.

According to the presidential decree on the development of the capital market, the list includes the following 15 companies:

1. Uzbekistan Metallurgical Combine JSC

2. Uzbekneftegaz JSC

3. National Bank JSC

4. People’s Bank JSCB

5. Agrobank JSCB

6. Mikrokreditbank JSCB

7. Qishloq Qurilish Bank JSCB

8. Uzagrosugurta JSC

9. Qurilishmashlizing JSC

10. Uzbekinvest JSC

11. Uzbekistan Airways JSC

12. Uztransgaz JSC

13. Almalyk MMC JSC

14. Navoi MMC JSC

15. Uzavtosanoat JSC

The decree stipulates that the State Assets Management Agency can make changes to the list in agreement with the state commission.

It is unknown how many shares of the listed companies will be put up for sale. It is known that only one of the above five banks – Qishloqqurilishbank – is expected to be privatized. UzAuto Motors also announced the sale of up to 10% of its shares through an IPO.

Uzmetkombinat, AMMC and NMMC announced the conduct of IPO in early 2019.

IPO (in English – Initial public offering) implies a preliminary mass sale of shares of a joint-stock company in an unlimited number.

For the first time in the history of Uzbekistan, as an experiment, JSC “Quartz” in December 2017 held an IPO on the Tashkent stock exchange. After that, Jizzakh Plastics JSC also placed public shares on the stock exchange.

Quartz and Zhizzakh Plastics are so far the first and last companies to hold an IPO in Uzbekistan. Already in 2019, the issue of shares of about 10 companies in the country was announced for public trading. “By the end of the year, we expect the IPO process to be carried out in at least 10 companies, at least in six,” said Askar Obidov, First Deputy Director of the Capital Market Development Agency at the time.

By the 2019 government decree, in addition to Zhizzakh Plastics JSC, it was planned to hold an IPO in Uzpromstroybank and Asia Alliance Bank.

In the summer of 2020, the draft document planned to issue at an open auction shares of such state assets as Kyzylkumcement, Commodity and Raw Materials Exchange, Andijan Biochemical Plant, UzBAT, Uztemiryulcontainer.