Uzbekistani authorities choose underwriters for People’s IPO

As the State Assets Management Agency (SAMA) reported, it has chosen companies that can be responsible for organizing People’s IPO.

All underwriters for the upcoming People’s IPO in Uzbekistan have been chosen after a rigorous selection process. Among the winners are Freedom Finance and five consortiums. The first one consists of Dalal Standard, Winvestment Consult and KRESTON. The second consortium includes Kapital-Depozit, Satori IB Group and Satori Capital. The third includes companies such as Alkes Research, Bluestone Financial Group Inc and Kapitalbank. The fourth consortium consists of Abrau Capital and Premier Capital Sweden, and the last one includes Portfolio Investments, National Bank and SQB.

SAMA has already signed agreements with all these companies, although it is unclear which exact company or consortium will be responsible for underwriting the People’s IPO. The authorized agency is going to decide on the issue after a discussion with its strategic consultant.

Under the terms of their agreements with SAMA, all potential underwriters should prepare all the necessary documents for the implementation of an initial public offering. They also have to prepare a business plan or strategy and a list of reasons why investors should buy stock in those companies (equity story). The underwriters will also be responsible for communicating with potential investors to ensure that every purchase request is accepted.

In order to guarantee that the People’s IPO meets all the requirements, the government of Uzbekistan has signed a contract with KPMG, which is responsible for developing the IPO strategy. In conjunction with SAMA, the company ensures that an offering is open and transparent.

All purchase requests for the IPO must be sent through the e-auksion.uz website. The secondary trading with shares will continue on the stock exchange.