PRESS RELEASE

22 December 2023 – 20 December marked the first day of trading in shares of Uztelecom (UZTL) and Uzbekinvest (UZINP) on the Republican Stock Exchange "Toshkent" (RSE), following their successful initial public offering (IPO) a few days earlier. A record number of trades (9,098) were executed on the floor of the RSE, owing largely to an increased interest from local retail investors.  As a result of strong demand and active trading on the secondary market, price of Uztelecom and Uzbekinvest shares rose by 25% and  49% on a day, respectively. 

George Paresishvili, CEO of the Republican Stock Exchange "Toshkent" - "We are very proud that Uztelecom and Uzbekinvest have successfully conducted their IPOs through our exchange. The price action and trading activity in shares of both companies on the first and subsequent days of secondary market trading was even more gratifying. We are sincerely pleased to see investors in local IPOs of Uzbek companies making significant gains on their investments from the very beginning. Both IPOs were oversubscribed and supported by a strong retail demand. It proves once more that relatively small-size IPOs in frontier markets can generate sufficient returns for investors who are willing to invest early and take calculated risks. We look forward to seeing more successful IPOs in Uzbekistan in 2024, strengthening investors’ belief in ambitious economic reforms pursued by the President and the government of Uzbekistan."