Oppenheimer and Citibank to Underwrite Centrum Air IPO

Tashkent, Uzbekistan (UzDaily.com) — The US investment firm Oppenheimer, together with Citibank, will serve as underwriters for the initial public offering (IPO) of the Uzbek airline Centrum Air.

This was announced by Oppenheimer Managing Director John Tonelli on February 18 in Washington during a meeting between President Shavkat Mirziyoyev and representatives of U.S. businesses and financial institutions.

Tonelli stated that the group’s strategy, which encompasses aviation, automotive, and rail transport, as well as cargo, logistics, and passenger services, is aimed at positioning Uzbekistan as a regional logistics hub.

“To realize these ambitious plans, substantial financial resources are required. In this regard, Oppenheimer, together with Citibank, will underwrite the IPO. We plan to value the company at US$2 billion, which would make Centrum Air one of the most valuable companies in Central Asia,” Tonelli said in an interview with Uzbekistan 24.

Earlier reports indicated that the offering could involve not only the airline but the entire holding. According to a presentation accompanying Tonelli’s remarks, the IPO aims to raise US$60 million by offering approximately 3% of shares, based on a total company valuation of US$2 billion.

Tonelli also mentioned the development of new investment initiatives, including projects in the Andijan region.

Regional authorities reported that Oppenheimer plans to finance three major projects totaling US$1.2 billion. These include the creation of a textile industrial zone (US$180 million), construction of an artificial lake in Khanabad (US$20 million), and implementation of the large-scale urban development project “New Andijan” valued at US$1 billion.

In addition, one of Oppenheimer’s major international investor partners—a bank operating in Europe and Latin America—plans to open a regional office in Tashkent, establishing its local headquarters there.