Tashkent, Uzbekistan (UzDaily.uz) — Uzbekistan’s largest private logistics group, Centrum Holding, is in talks with Citigroup and JPMorgan Chase & Co. over preparations for an initial public offering on the London Stock Exchange.
The offering could take place as early as next year, Bloomberg reported, citing people familiar with the matter.
The sources requested anonymity because discussions over the IPO are taking place privately.
Centrum’s business is consolidated under a holding structure registered in the Dubai International Financial Centre (DIFC). According to comments previously made by the company’s co-founder and CEO, Abdulaziz Abdurakhmanov, to Uzbek state television, the holding is valued at around US$2 billion.
In February, it was reported that US investment firm Oppenheimer and Citibank had reached an agreement to advise on Centrum Holding’s IPO. At the time, the company’s estimated valuation was also around US$2 billion, while the planned fundraising was approximately US$600 million through the sale of about 30% of its shares.
Centrum Holding’s potential entry into international capital markets comes amid Uzbekistan’s ongoing efforts to promote privatization and develop market mechanisms. In addition to Centrum, fintech company Uzum and retail chain Korzinka have previously announced possible IPO plans.
This year, Uzbekistan has already completed a listing on the London Stock Exchange. Shares in the Uzbekistan National Investment Fund (UzNIF), managed by Franklin Templeton, were placed for US$674 million.
The greenshoe option for the additional offering was fully exercised.
