UZBEKISTAN: UZBEKINVEST is the first insurance company in Uzbekistan to enter IPO

5 December 2023 — Marina MAGNAVAL
On November 28, 2023, UZBEKINVEST, the largest insurance company in Uzbekistan, was the first of the local insurance companies to enter initial public offering (IPO) in the amount of 5% (UZS 14.1 billion/~EUR 1.08 million) of the charter capital on the Tashkent Republican Stock Exchange, the insurer said.

The price range for the IPO is set at UZS 1000–1500 for each preference share. UZBEKINVEST issued over 14 million preference shares, which is 5% of the company's charter capital. The guaranteed dividend yield from shares is set at the level of “Central Bank refinancing rate + 10%,” the insurer explained in its statement.

“In our opinion, the entry of one of the largest insurance companies into IPO, on the one hand, will give a powerful impetus to ensuring transparency in the activities of the insurance market, on the other hand, it will intensify the activity of the securities market. To enter the IPO, UZBEKINVEST employees did a lot of work to ensure compliance with international standards and recognition of the company's financial stability by international rating agencies. And today we want to congratulate the company’s management and its employees on the successful completion of such great work”, said Vyacheslav Pak, First Deputy Director of the National Agency for Advanced Projects.