Uzbektelecom’s IPO raised UZS 33.25 billion against UZS 43.6 billion of investor orders. Portfolio Investments acted as lead underwriter, with NBU and SQB as co-underwriters, and supported large-scale retail onboarding and distribution.
Uzbektelecom completed its initial public offering on the Republican Stock Exchange «Toshkent» in December 2023. Investor orders totalled UZS 43.6 billion and UZS 33.25 billion was allocated, equivalent to 131% demand coverage. The original placement price was UZS 6,000 per share before the company’s subsequent one-for-three share split.
Portfolio Investments acted as lead underwriter, with the National Bank of Uzbekistan and SQB serving as co-underwriters. The underwriting consortium combined issuer preparation, investor communication, order collection and distribution, while Portfolio Investments also supported the retail onboarding infrastructure required to reach individual investors at scale.
The exchange recorded 10,950 executed applications. Sixty percent of the placed shares were allocated to corporate and institutional investors and 40% to retail investors. According to Portfolio Investments’ company records, more than 15,000 brokerage accounts were opened through the Jett investment service during the broader onboarding campaign.
The IPO remains an important domestic ECM reference because it tested both primary-market demand and the operating capacity needed for broad retail participation. Its longer-term relevance lies in the infrastructure and investor base created for future public offerings, while post-listing performance should be assessed separately from the success of the placement process.
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