On 27 February 2025, Fanda, in collaboration with IB Translations and KY & Partners, successfully hosted the “Scaling Up: Shaping the Future of Uzbekistan’s Capital Market” Conference in Tashkent, Uzbekistan. The conference brought together businesses, investors and regulators to discuss strategies for preparing Uzbek companies for initial public offerings on both local and international stock exchanges.

With the country’s stock market rapidly developing, the conference “Scaling Up: Shaping the Future of Uzbekistan’s Capital Market” provided a clear roadmap for companies preparing to go public. Discussions covered everything from regulatory compliance to investor engagement and the challenges of listing on the London Stock Exchange.

Key Highlights from the Conference:

Current State and Future Plans of Uzbekistan’s Capital Market. Orifjon Faiziev, Deputy Director of the National Agency of Perspective Projects of the Republic of Uzbekistan, provided insights into the nation’s capital market reforms and future initiatives.

Opportunities for Uzbek issuers on the London Stock Exchange. Ayuna Nechaeva, Head of Europe and CIS, Primary Capital Markets at the London Stock Exchange, outlined the process, requirement and potential hurdles for companies aiming for an international listing.

State support for attracting foreign investments: Experts including George Paresishvili (Republican Stock Exchange “Toshkent”), Mansurjon Rasulov (Ministry of Investments) and Bobur Abdinazarov (UzAssets) discussed Uzbekistan’s investment climate.

Investor & broker perspectives. What makes a company IPO-ready? Karen Srapionov (Avesta Investment Group), Munir Yakubov (Portfolio Investments), Odil Musaev (ALKES) and Jurbek Sobirov (Freedom Broker) shared their views on key investor expectations.

Practical IPO strategies. Sessions on investor relations, ESG factors and compliance were led by Andrey Kozhevnikov (Fanda), Zhanna Smelkova (IB Translations), Mikhail Turetsky (Latham & Watkins LLP), Andrey Kosko (Fanda) and Muborak Kambarova (KY & Partners).

The following issues were discussed during the live panel discussions:

How can Uzbekistan attract more foreign investment?

What do investors and brokers look for in potential issuers?

What lessons can be learned from companies that have successfully gone public?

We extend our heartfelt gratitude to all speakers and participants for their invaluable contributions. Your insights and expertise are instrumental in shaping the future of Uzbekistan’s capital market.

The Conference marks a significant milestone in the development of Uzbekistan’s stock market, paving the way for increased local and international securities offerings.