November 30, 2023

Investment Banking

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bne IntelliNews – WoE: Uzbekistan ready for the People’s IPO

Uzbekistan is will hold its first three “People’s IPOs” before the end of the year where the first stakes in three major enterprises will sold off via the Tashkent Stock Exchange. Small stakes will be sold in some of the most attractive companies in the country:

UzAuto is Uzbekistan’s major automotive complex and the maker of the ubiquitous Chevrolet cars that enjoy a 95% market share.

UzMetKombint is the country’s largest steel maker that accounts for a third of the metal consumed as well as significant exports to its neighbours. QQB is a top 10 bank and the Uzbekistan’s largest mortgage lender.

The IPOs are the first step in a grand plan to get the government out of business and place dozens of leading companies into the hands of private enterprises as part of the transformation begun by President Shavkat Mirziyoyev in 2016.

To discuss this and the broader economic revival Uzbekistan is going through this in detail our special guests include:


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Karen Srapionov, Partner and Director of Avesta Investment Group that is advising on the UzMetKombinat IPO

Partner of Avesta Investment Group, joined the team in 2006. Managing leading research department on the local market with dozen of public and client market and company reports and coverage in leading local and international mass-medias. Providing expertise in financial, insurance, construction materials, food processing industries. Independent Board member of local companies, where providing the protection of minority investors rights. Chairing Board member of Society of Investment and Financial Analysts. Local expert for UNDP projects in social-economic and Islamic finance development. Certified Securities Market Professional by CMDA.

Bekhruzbek Ochilov, Investment Bank with Freedom Finance that is advising on the UzAuto IPO

Ochilov has worked as an economic analyst at the Toshkent Republican Stock Exchange since 2019. He joined Freedom Broker in 2020 as an investment analyst, since 2022 he has been working as an investment banking manager. He took part in the organization of the DCM transaction for the issuance of the first ever FX-indexed bonds in Uzbekistan, as well as in the Uzmetkombinat bonds placement the first bond yield auction in the history of Uzbekistan. He holds an ACCA Diploma in Accounting and Business, is an International Governance and Compliance Professional (IGCAP) and an Associate Member (ACSI) of the Chartered Institute of Securities and Investments. Named the best young analyst of 2020 by the Society of Investment and Financial Analysts (SIFA) under the Capital Market Development Agency of the Republic of Uzbekistan. He is also the creator of the index of liquid shares of the Uzbek stock market – EqRe Blue Index

Aziz Sodikov – Ministry of Finance of the Republic of Uzbekistan

Aziz is working at Ministry of Finance of the Republic of Uzbekistan and is co-ordinating the IPO of 7 state-owned companies and banks in Uzbekistan. He specialises in IPO’s and has a strong background in Finance, Economics and investment banking.

Eleanor Kramers, Head of International Communications, Artel Electronics LLC

Eleanor is responsible for the development of international PR and partnerships at Artel Electronics LLC, Central Asia’s leading household appliance manufacturer and one of Uzbekistan’s largest companies. Prior to joining Artel, she worked for a leading communication and business transformation company in London, advising clients across the CIS region.

Ben Aris, Editor in Chief and founder of bne IntelliNews.

Ben is an Eastern Europe specialist. He previously worked with the Daily Telegraph, The Wall Street Journal and Euromoney before starting bne IntelliNews and covering EE and CEE.